Fed hold rates in first meeting under Kevin Warsh
FOMC drops easing bias and forward guidance, as chair announces taskforces to improve Fed operations
The Federal Open Market Committee has decided to hold rates in the first decision under its new chair, Kevin Warsh.
In a statement announcing the decision today (June 17), the Federal Reserve said it would maintain the target range for the federal funds rate at 3.5–3.75%. It said the US economy was “expanding at a solid pace” despite elevated uncertainty resulting from the Iran war. It added that inflation remained above its 2% target in part because of the supply shocks affecting the energy
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