Fed holds interest rates at 22-year high

WASHINGTON — The US Federal Reserve voted on Wednesday to hold interest rates at a 22-year high, dealing a blow to traders' sentiment as experts warn of harm to the economy under the current policy.

"We are prepared to raise rates further, if appropriate, and we intend to hold policy at a restrictive level until we're confident that inflation is moving sustainably toward our objective," Fed Chair Jerome Powell said in a news conference after the decision.

This dealt a blow to sentiment among traders, who have feared more restrictive measures following a string of data showing that 11 hikes in 18 months were not having the desired impact on inflation, which is still well above the bank's 2 percent target.