Fed leaves rates unchanged, sees two small hikes by end of 2023

(Worthy News) – The Federal Reserve left interest rates unchanged on Wednesday but signaled in new projections that borrowing costs may still need to rise by as much as half of a percentage point by the end of this year, as the U.S. central bank reacted to a stronger-than-expected economy and a slower decline in inflation.

In a press conference at the end of the central bank’s latest policy meeting, Fed Chair Jerome Powell described U.S. growth and the job market as holding up better than expected under the weight of the aggressive monetary policy tightening of the past year – likely lengthening the Fed’s fight to lower inflation but also letting it proceed with less economic damage.

The pause was out of caution, Powell said, to allow the Fed to gather more information before determining if rates do need to rise again, with the pace of its moves now less important than finding a proper endpoint that slows price increases while minimizing any rise in unemployment. [ Source: Reuters (Read More…) ]

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