The Federal Reserve announced interest rates will remain unchanged — but hinted at a possible cut in September if inflation continues to dip downward toward its 2% goal.
The Federal Reserve announced Wednesday interest rates will remain unchanged — but hinted at a possible cut in September if inflation continues to dip downward toward its 2% goal.
The FOMC said it would continue to look at labor market conditions and inflation data to determine the right time for rate cuts. Powell and other members of the committee previously said they needed more confidence inflation is headed toward their goal of 2% before issuing rate cuts. 3.8M illegal immigrants could enter US in 2024, affecting wage growth: Federal Reserve report
Compensation costs for employees in private and government jobs ticked up 0.9% during the second quarter ending in June, according to the Bureau of Labor Statistics.The Federal Open Market Committee said they “will continue to monitor the implications of incoming information for the economic outlook.”The 0.9% nudge was weaker than the 1.0% growth expected by economists surveyed by FactSet.Compensation costs rose at a slower year-to-year rate, climbing 4.
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These rate hikes — 11 of them in 2022 and 2023 — were a response to a flare-up in inflation during the spring of 2021 as the economy bounced back from the pandemic-era recession.
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