The Federal Reserve announced Wednesday that it would keep its rate target at 5.25% to 5.50%, a move that further jeopardizes President Joe Biden’s chances at reelection.

Officials also revealed that they now only expect one rate cut for 2024. Considering the stubborn inflation the economy has experienced over the first half of this year, this news aligns with restrictive monetary policy and represents the Fed’s desire to rein in such rising prices.