Wednesday’s Federal Reserve policy decision was fairly boring for investors — officials kept interest rates the same, just as they have since July 2023.

Central bankers were widely expected to leave borrowing costs at a level between 5.25 and 5.5 percent, the highest in 23 years.

Fed announces it will keep interest rates at 5.25% to 5.5% as rate of inflation remains above target of 2%

The Federal Reserve held its benchmark lending rate unchanged Wednesday, noting a "lack of further progress" in its inflation fight, and suggested that it would hold off on rate cuts until at least later in the year.

The Dow Jones Industrial Average and other U.S. stock indexes spiked Wednesday afternoon — not because the Federal Reserve left interest rates unchanged, but because there won’t be any more rate hikes.

Interest rates on mortgages and other loans are unlikely to drop significantly anytime soon. The Federal Reserve announced Wednesday 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%.