The Federal Reserve kept interest rates steady Wednesday, holding off on another increase despite two consecutive months of accelerating inflation.

The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting interest rates, said Wednesday it will keep the bank’s baseline borrowing costs at a range of 5.25 percent to 5.5 percent. The Fed in July hiked rates to that level — a 22-year high — after a brief pause in June.

Investors and economists widely expected the bank to hold rates steady in September after several months of declining job gains, an increase in unemployment and slowing economic growth across the world.

The Fed is attempting to snuff out inflation with higher interest rates without raising borrowing costs enough to slow the economy into a recession. Rate increases can take more than a year to show their full effect, which makes Fed officials wary of hiking too much, too soon.... Read More: The Hill