The Fed kept the federal funds rate in the range of 4.25%-4.50%, without specifying a time frame for its possible reduction. The decision caused controversy: for the first time in three decades, two members of the Open Market Committee spoke out against it, sharing the opinion of former President Donald Trump about the excessive rigidity of the current monetary policy. The FOMC statement emphasized that «the unemployment rate remains low and the labor market is stable,» despite high inflation. The slowdown in economic growth in the first half of the year may strengthen the case for a rate cut if the trend continues. However, risks remain that make it difficult to achieve the goals of reducing inflation and maintaining employment. The regulator again noted the increased uncertainty, emphasizing the need for caution. Fed Chairman Jerome Powell said that the priority remains the fight against inflation, not the cost of government debt or mortgages. According to him, the risks of increased price pressure are too high to weaken the moderately restrictive impact of interest rates on the economy in the current conditions.
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