The Federal Open Market Committee of the Federal Reserve did exactly what most observers expected today by keeping the federal funds rate range where it has been between 5.25% and 5.50%. The Fed will also continue reducing its holdings of Treasury securities as well as agency debt and agency mortgage-backed securities.
Some of the communications sounded more optimistic about a September rate cut, but still with the warning that a change in conditions could change all that.
The more formal statement included, "The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."
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