US FOMC meet outcome Highlights: US Fed leaves key rates unchanged at 5-5.25%; foresees 2 small hikes by end of 2023 | Mint
Active Stocks
Wed Feb 28 2024 15:59:21
  1. Tata Motors share price
  2. 957.75 -0.52%
  1. Tata Steel share price
  2. 140.75 -2.36%
  1. HDFC Bank share price
  2. 1,408.15 -0.87%
  1. Power Grid Corporation Of India share price
  2. 279.55 -4.43%
  1. ITC share price
  2. 408.60 -0.62%
Business News/ Markets / Stock Markets/  US FOMC meet outcome Highlights: US Fed leaves key rates unchanged at 5-5.25%; foresees 2 small hikes by end of 2023
BackBack

US FOMC meet outcome Highlights: US Fed leaves key rates unchanged at 5-5.25%; foresees 2 small hikes by end of 2023

US FOMC meet Live updates: US central bank now foresees two 25 basis points hike by end of the year. This is the Fed's first pause on interest rates in 15 months.

Federal Reserve Board Chair Jerome Powell (Photo: AP)Premium
Federal Reserve Board Chair Jerome Powell (Photo: AP)

US FOMC meet outcome: Federal Reserve Chairman Jerome Powell-led Federal Open Market Committee (FOMC) voted Wednesday to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating that another sharp increase could be needed before year-end.

 After 10 straight increases since March 2022, the Fed's rate-setting committee voted to hold its benchmark lending rate between 5.0 per cent and 5.25 per cent, the central bank said in a statement. Holding interest rates steady gives policymakers on the FOMC time "to assess additional information and its implications for monetary policy," the Fed said.

The US central bank began its two-day policy meeting on June 13 to set its benchmark lending rate amid cooling inflation in the world’s largest economy. The FOMC, consisting of twelve members, will announce its decision on interest rates on June 14. The Fed has raised interest rates 10 times since March 2022 as it grapples with inflation which still remains well above its long-term target of 2 per cent.

Download the App to get 14 days of unlimited access to Mint Premium absolutely free!

Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App