For the first time in more than a year, the Federal Reserve has left interest rates unchanged but signaled that two more rate hikes are poised to happen this year.
The benchmark federal funds rate held steady at a range of 5.00 and 5.25 percent, effectively ending the streak of ten consecutive rate hikes.
“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Federal Open Market Committee (FOMC) said in a statement.
FOMC members say the recent metrics show that economic activity is expanding “at a modest pace.”
“Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the FOMC said….