Central bankers in the US have dipped into their toolbox to try to wrench down high prices. They enjoyed some success, but then their progress on inflation stalled. Now, they have decided to keep interest rates unchanged.

Policymakers at the Federal Reserve have pushed rates to the highest level in more than 20 years. However, on Wednesday, for the sixth straight meeting, they decided to leave them where they are.

Policymakers released a statement saying they have faced "a lack of further progress" on price rises and that they need to be more confident inflation is moving "sustainably" toward their target of 2 percent.

At a press conference in Washington after the meeting, Chair Jerome Powell said, "I can just say that when we get that confidence, then rate cuts will be in scope and I don't know exactly when that will be." He added that bringing prices down is not assured.

However, he and his colleagues said the economy has expanded at a "solid pace" and job gains have "remained strong." They added that changing policies too soon could reverse the progress they have made.