Market Updates
Federal Reserve Holds Rates
Brian Turner
14 Jun, 2023
New York City
The Federal Reserve in an unanimous decision agreed to leave the target range for the federal funds unchanged at 5% to 5.25%.
The Federal Open Market Committee paused rates for the first time after lifting rates for ten times in a row since March 2022, when rates were revised higher by 500 basis points over the last fifteen months.
The Fed left the door open for future rate hikes and added that the central bank will continue to reduce its holding of Treasury securities and agency debt and agency mortgage-backed securities.
The Federal Reserve is hoping that multiple rate hikes since March 15 will impact broader economic activities and slowdown inflation forces to the Fed's target rate of 2%.
"The Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," the accompanying statement noted.
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