The Federal Reserve announced that it would not hike interest rates in June, but warned that it would still be inclined to raise interest rates in the future to combat inflation. It is the first time since January that the monthly meeting ended without a rate hike. It maintained its benchmark interest rate in the range of 5%-5.25%. - Fed officials did say the forecasts for the interest rates for the year were raised, meaning that Americans could see rates of 5.6%.
- That would mean at least two more rate hikes would happen this year.
- Some officials projected it could hit 6%.
- The Fed had raised rates at 10 consecutive meetings through May, going from 0%-0.25% to 5%-5.25%, the highest it's been since 2007, in just 14 months.
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