The Federal Open Market Committee (FOMC) met this week and voted unanimously to hold rates steady for the seventh consecutive meeting, leaving its policy range at 5.25 percent to 5.5 percent. This decision was widely anticipated, with futures markets pricing in a near-zero percent chance of a rate cut in the days and weeks leading up to the meeting. As we approach the second half of the year, what contributed to this month’s decision and what are Fed officials forecasting for the remainder of 2024? Fresh Prints May’s inflation data was released mere hours before the FOMC announced its rate decision. While the timing ... (full story)