Fed meeting HIGHLIGHTS: After 10 back-to-back hikes, FOMC decides unanimously to leave key US interest rate unchanged
Fed meeting HIGHLIGHTS: Federal Reserve Chairman Jerome Powell-led Federal Open Market Committee (FOMC) decided unanimously to keep the Fed funds rate — or the benchmark US interest rate at which the Fed lends money to commercial banks — unchanged at 5-5.25 per cent, a first pause in 15 months of back-to-back increases totalling 500 basis points. The US central bank’s decision on the key interest rate was in line with the expectations of the markets as well as economists. The Fed Chair made it clear that the decision made in the meeting was only about the current review, hinting at more of hikes in the key rate should the need arise.
The status quo comes a day after data showed consumer inflation in the world's largest economy continued to ease, supporting bets on a pause in the key lending rate for now. Major central banks around the globe have already hiked interest rates rapidly and aggressively to tame red-hot inflation without damaging economic growth.
Catch highlights of the June 13-14 FOMC policy review and what to make of Fed Chair Jerome Powell’s remarks, and much more, only on Zeebiz.com's blog:
Fed meeting HIGHLIGHTS: Federal Reserve Chairman Jerome Powell-led Federal Open Market Committee (FOMC) decided unanimously to keep the Fed funds rate — or the benchmark US interest rate at which the Fed lends money to commercial banks — unchanged at 5-5.25 per cent, a first pause in 15 months of back-to-back increases totalling 500 basis points. The US central bank’s decision on the key interest rate was in line with the expectations of the markets as well as economists. The Fed Chair made it clear that the decision made in the meeting was only about the current review, hinting at more of hikes in the key rate should the need arise.
The status quo comes a day after data showed consumer inflation in the world's largest economy continued to ease, supporting bets on a pause in the key lending rate for now. Major central banks around the globe have already hiked interest rates rapidly and aggressively to tame red-hot inflation without damaging economic growth.
Catch highlights of the June 13-14 FOMC policy review and what to make of Fed Chair Jerome Powell’s remarks, and much more, only on Zeebiz.com's blog:
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