Federal Reserve pauses monthslong string of interest rate hikes

expected the Federal Reserve to pause rate hikes as it assesses the ongoing effect of its previous policy decisions.

Various meats are seen at Lincoln Market, June 12, 2023 in the Prospect Lefferts Gardens neighborhood in the Brooklyn borough of New York City.Meanwhile, three of the nation's 30 largest banks failed over a weekslong stretch beginning in March. A jobs report earlier this month showed that the labor market grew robustly in May, adding 339,000 jobs compared to Wall Street estimates of just 195,000.

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