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The Federal Reserve maintained its benchmark interest rate on Wednesday in a range of 5.25%-5.50%, the highest since 2001, and cautioned it won't begin lowering interest rates until it sees further progress on inflation returning to its 2% target.

"The Committee 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%," the Fed said in its policy statement.

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