🚨🔥Breaking News: Fed keeps interest rates steady amid mixed economic signals Bitcoin gives positive signal🔥🚨
As almost all markets expected, the Federal Reserve kept short-term policy interest rates between 5.25% and 5.5% at its June meeting that ended Wednesday.
This was the seventh consecutive year that policy actions at the Federal Open Markets Committee (FOMC) left rates unchanged; This reflects mixed distributions from leading #US economic data. Job creation was stronger than expected in May, but inflation slowed slightly.
For mortgage companies, the #Fed decision signals that mortgage interest rates will remain high for a longer time. Following rising inflation data Wednesday morning, the 30-year fixed rate for conforming loans was at 7.19%, according to the HousingWire Center for Mortgage Rates.
Now Tuesday is the Fed's next move. Officials no longer expect three interest rate cuts for 2024 as stated in March; Expect two rate cuts, or possibly one, as more evidence is needed that the economy is cooling.
Monetary policy details, according to the CME FedWatch Tool in measuring changes in interest rates in the coming sessions, indicate that the probability of interest rates remaining unchanged in July is 85.5%, and the probability of a rate cut in September is 72.7%.
