The Federal Reserve announced on June 14 that it has “paused” its relentless pace of interest-rate hikes for the first time in 15 months.  In March,2022, the Fed commenced  hikes, then continued as follows: Fed Meeting
Rate Increase 
Target Rate March 15–16, 2022
+25 basis points
0.25–0.5 percent May 3–4, 2022
+50 basis points
0.75–1.0 percent June 14–15, 2022
+75 basis points
1.50–1.75 percent July 26–27, 2022
+75 basis points
2.25–2.5 percent Sept. 20–21, 2022
+75 basis points
3.0–3.25 percent Nov. 1–2, 2022
+75 basis points
3.75–4.0 percent Dec. 13–14, 2022
+50 basis points
4.25–4.5 percent Jan. 31–Feb. 1, 2023
+25 basis points
4.5–4.75 percent March 21–22, 2023
+25 basis points
4.75–5.0 percent May 2–3, 2023
+25 basis points
5.0–5.25 percent But the June Fed meeting pause comes at a time when inflation is at 4.0 percent and “core” inflation (inflation, less food and energy, which tend to be more volatile) printed Tuesday at 5.3 percent. The Fed highlights a target rate of 2 percent in so-called “headline” inflation—the overall number—currently 4.0 percent….