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LAST MINUTE: FED Chairman Jerome Powell is making critical statements live after the Interest Rate Decision! LIVE
After the FED kept interest rates steady, FED Chairman Jerome Powell is making critical statements at a live press conference.
Here are the key excerpts from Powell's statements:
You can also access the new statements made by Powell by refreshing this page.
Federal Open Market Committee (FOMC) left the interest rate unchanged at its June meeting. However, attention was focused on the published economic projections rather than the interest rate decision.
The FOMC's economic forecasts still predict that there could be two interest rate cuts in 2024, although this expectation has weakened. According to the new projections, nine committee members, which was eight in the previous meeting, believe that this year there will either be no rate cuts or only one will be appropriate.
FED officials predict that inflation and unemployment will rise in the coming period, while economic growth is expected to slow down. The decision to keep interest rates unchanged was made unanimously.
Another striking statement in the committee's announcement was the assessment that "the uncertainty regarding the economic outlook has decreased, but is still high." However, this view has been deemed controversial by some circles; as uncertainties in trade policies, the effects of the budget law on public finances, and ongoing geopolitical tensions continue to keep risks alive.
While two interest rate cuts were previously projected for 2026, this number seems to have been reduced to one. The expectation for 2027 remains unchanged with a single interest rate cut, while the forecasted interest rate for that year has been raised from 3.1% to 3.4%. There is notable divergence in long-term interest rate projections.
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