The Federal Reserve on Wednesday decided against what would have been an 11th consecutive interest rate increase as it measures what the impacts have been from the previous 10.
But the decision by the Federal Open Market Committee to hold off on a hike at this meeting came with a projection that another two quarter percentage point moves are on the way before the end of the year.
Investors will be looking for further details from Fed Chair Jerome Powell at his 2:30 p.m. press conference. However, the Dow Jones Industrial Average fell 300 points in the wake of the decision.
Central bankers following a two-day meeting said they will take another six weeks to see the impacts of policy moves as the Fed fights an inflation battle that lately has shown some promising if uneven signs.
The decision left the Fed’s key borrowing rate in a target range of 5%-5.25%.“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the post-meeting statement said.
The Fed next meets July 25-26.
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