The US Federal Reserve announced a pause on benchmark interest rates hike on June 14, but the central bank officials see two more small hikes in 2023. After two days of deliberations, Federal Open Market Committee (FOMC) decided to leave policy rate unchanged at 5-5.25% range.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent. Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” said the US Fed policy statement.
Here are key takeaways from the FOMC June meet outcome:
- FOMC members voted unanimously to maintain the interest rate at 5.15 percent, effective June 15, 2023
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Updated: 14 Jun 2023, 11:57 PM IST