The Federal Reserve Open Market Committee is keeping its federal funds target range to 5.25% to 5.50%. In its statement, members say, "Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee's 2 percent inflation objective." The Committee also indicates that rate cuts aren't coming soon, saying that it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."

The decision was unanimous.

Yahoo Finance Federal Reserve Reporter Jennifer Schonberger reports the breaking details.

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This post was written by Stephanie Mikulich.