Yet top Fed officials have made clear that any such pause may be brief — more of a "skip" — with another rate hike likely as soon as their next meeting in late July.
Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year's steady easing of inflation. At the same time, some measures of underlying price pressures remained high. Those hikes have led to much higher costs for mortgages, auto loans, credit cards and business borrowing. The Fed's goal is to achieve the delicate task of slowing borrowing and spending enough to cool growth and tame inflation, without derailing the economy in the process.
Some economists have suggested that if those measures start to fall and reduce core inflation, the Fed might end up keeping its key rate unchanged for the rest of the year. Or the policymakers might decide to raise their key rate one last time in July, to about 5.4%, and keep it there.
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