US Federal Reserve maintains rates pause, Jerome Powell sounds less hawkish

The world's biggest central bank has left its official interest rate on hold this morning for the second month in a row. But the decision by the US Federal Reserve has a caveat - that if inflation doesn't keep slowing, there could be more hikes in the coming months. The decision to "pause" comes as Australia's Reserve Bank prepares to consider a rate rise, potentially at Tuesday's Melbourne Cup Day board meeting.