US Inflation Cools, The Fed Holds Interest Rates in June 2023

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Adi Ahdiat 16/06/2023 11:47 WIB

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In June 2023, the Fed held its benchmark interest rate in the 5%-5.25% range, immediately following a drop in US inflation to 4% the previous month.

The Fed's Interest Rate Movement (January 2007-May 2023)

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The Fed's Interest Rate Movement (January 2007-May 2023)

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The United States Federal Reserve (The Fed) held its benchmark interest rate steady at a range of 5%-5.25% in June 2023.

This marks the first pause in interest rate hikes after the Fed aggressively raised rates over the past year.

The Fed's decision to hold rates followed a decline in US inflation to 4% in May 2023. The Fed stated that the US economy continues to grow, albeit with several risks.

"Recent indicators suggest that economic activity has continued to expand at a moderate pace. Job growth has been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated," the Fed's Committee said in a press release on Wednesday, June 14, 2023.

"The US banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks," it continued.

The Fed hinted at the possibility of future interest rate increases. In May 2023, US inflation remained at 4%, while the Fed's target is to lower inflation to 2%.

"In determining the extent of additional policy tightening that may be appropriate to return inflation to 2 percent, the Committee will take into account the cumulative tightening of monetary policy, its effects on economic activity and inflation, and financial developments," the Fed's Committee stated.

"In addition, the Committee will continue reducing its holdings of Treasury securities, agency debt, and mortgage-backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective," it added.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US Inflation Cools, The Fed Holds Interest Rates in June 2023

US Inflation Cools, The Fed Holds Interest Rates in June 2023

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US Inflation Cools, The Fed Holds Interest Rates in June 2023

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