US: FOMC opens the door to a pause – UOB – by pabspiovano Fed CentralBanks Banks InterestRate
“The Federal Reserve in its 2/3 May 2023 Federal Open Market Committee meeting, unanimously agreed to raise its Fed Funds Target Rate by 25-bps to 5.00%-5.25%, the same pace of hikes as Feb and Mar FOMC. This is the highest level of FFTR since Sep 2007.
“The change in language certainly opened the possibility of a pause while Powell’s post-FOMC comments cut both ways, as he called the change in the language in the FOMC statement “meaningful” but he also emphasized the Fed will be driven by incoming data and how events unfold, and it will be on a “meeting by meeting” basis to determine extent of further rate hikes. Powell continued to push back against expectations for rate cuts in 2023.”.
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