Fed holds policy rate steady
Powell says conditions for lower inflation are coming into place, and July will be a “live meeting”
The US Federal Open Market Committee (FOMC) announced it would hold its policy rate steady today (June 14).
It was the first time the committee has not raised rates since March 2022, when it launched the first of 10 consecutive increases. The target range for the federal funds rate thus stays at 5–5.25%.
“It may make sense for rates to move higher but at a more moderate pace,” Federal Reserve chair Jerome Powell told a press conference.
There have been widespread expectations of a “skip” – a
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