“Today, we decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings,” FederalReserve Chair Jerome Powell says. 'Some further rate increases will be appropriate this year to bring inflation down to 2%.”
The U.S. Federal Reserve left its benchmark fed funds rate range unchanged at 5.0-5.25% on Wednesday, citing the need for time to assess the impact on the economy of its previous monetary tightening efforts.
Looking to tame inflation, which then was running at an annual pace of more than 8%, the Fed began tightening monetary policy in March 2022, eventually hiking rates for 10 consecutive meetings and bringing the fed funds rate from 0-0.25% to the current 5.0-5.25%. Inflation has been gradually slowing over the past year, with Tuesday's Consumer Price Index reportfalling to 4% in May, the slowest in two years.
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