Fed officials vote to hold interest rates steady at 23-year-high - here's what it means for YOUR wallet

The Federal Reserve has voted to hold interest rates steady at their current 23-year-high, officials announced today.

The decision spells misery for households who are already struggling under the weight of soaring interest rates on credit cards, mortgages and personal loans.

It marks the sixth consecutive time that the Fed has chosen to keep rates at their current level as it battles to tame inflation. 

The rate of annual inflation rose to 3.5 percent in March, still well above the Fed's 2 percent target. 

In a policy statement released today, the organization said rates will not be slashed until officials have 'greater confidence that inflation is moving sustainably toward 2 percent.'

It also highlighted a 'lack of further progress' in bringing down prices. 

Fed chair Jerome Powell doubled down on the comments during a press conference this afternoon  

This is a breaking news story, please check back for updates.