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At a glance: What you need to know from last week
The Federal Reserve left rates unchanged at its policy meeting last week, breaking an uninterrupted series of 10 rate hikes stretching back to March 2022. But officials signaled further rate hikes were likely given the strength of the labor market and still-high inflation. The dot plot, which charts the rate expectations of policymakers, suggests that rates will peak at 5.6%, up from 5.1% at the time of the last forecasts in March. That implies two further 25- basis-point hikes this year from the current level of 5–5.25%. The meeting added to our conviction that the Fed remains committed to bringing inflation down, ... (full story)