1/ Federal Reserve officials agreed to hold interest rates steady after 10 consecutive increases “in light of how far we have come in tightening policy, the uncertain lags in which monetary policy affects the economy, and the potential headwinds from credit tightening.” The decision keeps the benchmark federal funds rate in a target range between 5% and 5.25% – a 16-year high. Fed officials, however, expect to raise rates two more times this year to bring the interest rates up to 5.6% to get inflation back to 2%. The Fed anticipates that inflation will be 3.2% at the end of 2023 and at 2.5% by the end of 2024. (Bloomberg / Wall Street Journal / Axios / New York Times / Washington Post / CNBC / CNN)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2023/06/14/day-876/