Federal Reserve holds rates and revises projections upwards
Powell says path for soft landing has “widened apparently”
The US Federal Open Market Committee (FOMC) voted unanimously to maintain its policy rate today at the range of 5.25% to 5.5%.(September 20).
“We see the current stance of monetary policy as restrictive, putting downward pressure on economic activity, hiring and inflation,” said Federal Reserve chair Jerome Powell. He voiced cautious optimism, saying that the possibility of cutting inflation while avoiding a recession seemed to have grown.
The FOMC still estimates a 5.6% terminal interest rate
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