Federal Reserve Chair Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting, Wednesday, June 14, 2023, at the Federal Reserve Board Building in Washington. – The Federal Reserve kept its key interest rate unchanged Wednesday after having raised it 10 straight times to combat high inflation. But in a surprise move, the Fed signaled that it may raise rates twice more this year, beginning as soon as next month.
The economic projections revealed a more hawkish Fed than many analysts had expected. Twelve of the 18 policymakers forecast at least two more quarter-point rate increases. Four supported a quarter-point increase. Only two envisioned keeping rates unchanged. The policymakers also predicted that their benchmark rate will stay higher for longer than they did three months ago.
Still, Powell stopped short of saying the Fed's policymakers have committed to resuming their hikes when they next meet in late July. And some Fed watchers don't envision any further rate increases at all.
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