WASHINGTON–The Federal Reserve held its key interest rate steady again Wednesday and gave no signal that it plans to lower it anytime soon following a resurgence of inflation early this year.

In a statement after a two-day meeting, the Fed pointedly said: “In recent months, there has been a lack of further progress toward the (Fed’s) 2 percent inflation objective.”

And it repeated its previous assertion that it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation (now running 3% to 4%) is moving sustainably toward” the Fed’s 2% goal.

The concerns about persistent inflation suggest the Fed likely won’t be prepared to cut rates for at least a few months, if not longer.

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