U.S. Federal Reserve holds interest rates steady

The Federal Reserve left its key interest rate unchanged Wednesday and projected no rate hikes in 2019, dramatically underscoring its plan to be "patient" about any further increases, CBC.ca reports.

The Fed announced that it was keeping its benchmark rate — which can influence everything from mortgages to credit cards to home equity lines of credit — in a range of 2.25 per cent to 2.5 per cent. It also said it will stop shrinking its bond portfolio in September, a step that should help hold down long-term interest rates.

Together, the moves signal no major increases in borrowing rates for consumers and businesses. Some analysts believe the next rate move could be a cut later this year if the economy slows as much as some fear it might.