washingtonsome members of : US Federal Reserverate-setting of Committee Supported another interest rate hike in June to combat high inflation, but ultimately voted to stop it irrigated The announcement was made on Wednesday.
Federal Open Market Committee ,FOMC) voted unanimously last month to hold off on raising interest rates after 10 consecutive hikes, giving policymakers more time to assess the impact of rate hikes and recent banking stress on the US economy.
Also, FOMC members estimate that two additional increases in the benchmark lending rate will be needed before the end of the year to bring inflation back down.
Minutes of the meeting published by the Fed on Wednesday showed some FOMC members favored another quarterly percentage-point hike at the June 13-14 meeting to bring inflation back toward the committee’s long-term target of 2 percent. Was.
The Fed minutes revealed, “Some participants indicated they were in favor of raising the target range for the federal funds rate by 25 basis points at this meeting or that they could support such a proposal.”
in favor of another hike “said that the labor market remained very tight, the momentum in economic activity was stronger than previously expected, and there were some clear signs that inflation was on track to return to the Committee’s 2 percent objective over time.” Was.” Fed said.
However, in the end, all 11 voting members of the FOMC supported keeping rates steady.
After announcing last month’s pause, Fed Chair Jerome Powell To cool the economy further, it kept the door open for a series of interest rate hikes in the coming months, if needed.
He told the audience, “You know, I would not approve at all of constantly going to meetings away from the table.” Portugal,
Futures traders project a nearly 90 percent chance that the Fed will raise its benchmark lending rate by a quarter-percentage-point at its next meeting on July 25-26.
Minutes published Wednesday showed that, ahead of the last meeting, Fed economists still forecast United States of america There will be a “slight recession” later this year, “followed by a moderate recovery.”
But the Fed said the strong labor market and consumer spending data meant its staffers “viewed the prospects for the economy to grow slowly and avoid recession roughly equal to the mild-recession baseline.”
Federal Open Market Committee ,FOMC) voted unanimously last month to hold off on raising interest rates after 10 consecutive hikes, giving policymakers more time to assess the impact of rate hikes and recent banking stress on the US economy.
Also, FOMC members estimate that two additional increases in the benchmark lending rate will be needed before the end of the year to bring inflation back down.
Minutes of the meeting published by the Fed on Wednesday showed some FOMC members favored another quarterly percentage-point hike at the June 13-14 meeting to bring inflation back toward the committee’s long-term target of 2 percent. Was.
The Fed minutes revealed, “Some participants indicated they were in favor of raising the target range for the federal funds rate by 25 basis points at this meeting or that they could support such a proposal.”
in favor of another hike “said that the labor market remained very tight, the momentum in economic activity was stronger than previously expected, and there were some clear signs that inflation was on track to return to the Committee’s 2 percent objective over time.” Was.” Fed said.
However, in the end, all 11 voting members of the FOMC supported keeping rates steady.
After announcing last month’s pause, Fed Chair Jerome Powell To cool the economy further, it kept the door open for a series of interest rate hikes in the coming months, if needed.
He told the audience, “You know, I would not approve at all of constantly going to meetings away from the table.” Portugal,
Futures traders project a nearly 90 percent chance that the Fed will raise its benchmark lending rate by a quarter-percentage-point at its next meeting on July 25-26.
Minutes published Wednesday showed that, ahead of the last meeting, Fed economists still forecast United States of america There will be a “slight recession” later this year, “followed by a moderate recovery.”
But the Fed said the strong labor market and consumer spending data meant its staffers “viewed the prospects for the economy to grow slowly and avoid recession roughly equal to the mild-recession baseline.”