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Analysis

Fed Keeps Rates Steady With Cuts Unlikely Until September at the Soonest

While reporters kept asking about timelines, Fed Chair Powell said there was no magic formula.

Given economic reports over the last few months, there was no surprise that the Federal Open Market Committee of the Federal Reserve decided to hold the benchmark federal funds rate target range steady at 5.25% to 5.50%.

While reporters kept asking for timelines or indications of how things might change going forward, Fed Chair Jerome Powell made a couple of remarks that suggest there would be no cut until the September FOMC meeting at the earliest, making three cuts highly unlikely and even putting pressure on expecting two.

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Erik Sherman

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