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Federal Reserve pushes pause on interest rate hikes
For the first time since beginning the current tightening cycle in March 2022, the Fed opted against raising the federal funds rate at the June 14, 2023, FOMC meeting. The decision officially ends a run of 10 consecutive interest rate hikes by the central bank. While the move was expected, the Fed’s release of its summary of economic projections signifies that its hawkish tone on curbing inflation remains intact, as additional rate hikes in 2023 are projected, and the federal funds rate was pushed out to 5.6% by year-end, up from March’s 5.1% year-end projection. “The Fed’s new dot-plot forecast of ... (full story)