The Fed raises the federal funds rate by 75 basis points to 2.25%-2.50%, in line with market expectations. The statement retains the guidance that ongoing increases in the target range will be appropriate, a sign that more hikes are on the horizon.
managed to extend daily gains after the central bank chief said thatThis means that the Fed could slow the pace of rate hikes if macro developments were to improve, especially on the inflation front. With
and gasoline prices sharply down in recent weeks, CPI numbers could moderate between now and the September FOMC meeting, giving policymakers leeway to be less aggressive in terms of tightening.Immediately after the FOMC decision was released, the S&P 500 whiplashed, but held onto daily gains without a fundamental change in market direction. Meanwhile, the U.S.
. The assertive measures implemented to date also represent a clear signal that policymakers remain resolute in their pledge to restore price stability and are willing to tolerate some economic pain to fulfill the elusive part of their dual mandate:
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