Banknotes: July to September 2023

7959587
US Federal Reserve
Monetary Policy FOMC pauses, then hikes

The Federal Open Market Committee paused its rate rises for the first time in more than a year at its June 13–14 meeting. This followed 500 basis points of hikes through 10 consecutive meetings since March 2022, and left rates at 5–5.25%. “It may make sense for rates to move higher but at a more moderate pace,” said Fed chair Jerome Powell. Rates did move higher on July 26, when the FOMC ordered a 25bp hike to 5.25–5.5%. Powell said the committee would

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