The Federal Reserve opted to keep interest rates unchanged at the June meeting, signaling a united front and buying time to evaluate the need for future rate hikes. While most participants acknowledged the slow progress in cooling inflation, they agreed it was appropriate to maintain the federal funds rate at 5% to 5.25%. This decision would provide more time to assess the economy’s progress towards achieving the 2% inflation target.
The meeting minutes provided additional insight into the policy statement and economic projections issued after the June 13-14 session, where the Fed decided to halt the ten consecutive rate hikes. Despite forecasts of a mild recession, policymakers grappled with conflicting data showing a tight job market and modest improvements in inflation.
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