Federal Reserve Hits Pause on Rate Hikes for Now
The Federal Reserve announced this afternoon that it decided to pause its policy of rate hikes to lower inflation. After hiking rates 10 times since last year, the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 5% to 5.25%.
CNBC reports that while the Fed held off a rate hike at its June meetings, the Federal Open Market Committee decision came with a projection that another two-quarter percentage point moves are on the way before the end of the year. The Fed next meets July 25-26.