Fed Chair Jerome Powell signaled more rate hikes before the end of this year|Federalreserve|Public Domain

For the first time in 15 months, the Federal Reserve did not change the interest rates Wednesday but assured to battle inflation.

The policymakers decided to hold the benchmark rate steady between 5 and 5.25%.

However, Fed Chair Powell did signal two more rate hikes this year causing stocks to decline. But the situation was salvaged when he reassured investors that a rate hike next month isn’t a sure bet.

Fed policymakers believe by the year-end, on average, rates will need to climb nearly half a percentage point higher, to 5.6% as the central bank reacted to a slower decline in inflation and a stronger-than-expected economy.