Federal Reserve Pauses on Interest Rate Hike

Posted on 06/14/2023

The Federal Reserve decided against what would have been an 11th consecutive interest rate increase. The Federal Reserve began hiking rates in March 2022. The decision left the Federal Reserve’s key borrowing rate in a target range of 5% to 5.25%.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the post-meeting statement said. The Federal Reserve next meets July 25-26, 2023.

The decision by the Federal Open Market Committee (FOMC) to hold off on a rate hike at this meeting came with a projection that another two quarter percentage point moves are on the way before the end of the year.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Christopher J. Waller.

Keywords: Federal Reserve System.

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