Earlier this year, Federal Reserve Chair Jerome Powell stated that the country would likely only see two more rate hikes until the end of 2023. The la
st meeting of the Federal Open Market Committee led to the first of the two interest rate increases. While this time around, the interest rate is not expected to see much difference, the same cannot be said about the next meeting.The target interest rate remains unchanged at 5.25% - 5.50% following the recent FOMC meeting. The decision was made according to the global market’s expectations. However, the interest rate still stands at the highest it has been in 22 years.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy.
According to FXStreet Yohay Elam, the lack of a rate hike could be a hint as to what the market can expect from the next meeting in November. Per Elam, the dot plot will play a key role in determining the course of action in the future. He noted, “Markets digest numerical data faster than words, and the interest rate expectation for the end of 2023 is critical. In the last Fed projections back in June, the median hit 5.6%, two rate hikes above the level back then. With one hike done in July, leaving the figure at 5.6% would signal the bank is not done yet – or at least not willing to admit it now.akin to the crypto market, has been rather calm initially following the release of the statement.
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