Fed holds off on rate hike, but says two more are coming later this year (CNBC)
The Federal Reserve paused on a further increase in the federal funds rate for June, keeping it in a target range of 5% to 5.25% after 10 consecutive increases.
“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the central bank’s post-meeting statement said.
The Federal Open Market Committee’s projections released on Wednesday indicated that two more increases are coming and that rates could move as high as 5.6% by the end of 2023.
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