The Federal Reserve said Wednesday it will pause its rate hikes, keeping its benchmark lending rate at a 22-year high.

The move was widely expected, after the central bank signaled in recent weeks that it intended to wait for more data to understand how previous rate hikes are affecting the US economy.

Since March 2022, the Fed has lifted interest rates 11 times and held them steady twice, including September's pause.

This story is developing and will be updated.