Investors believe it is highly likely that the target rate will remain unchanged at the June 14 Federal Open Market Committee (FOMC) meeting, following the U.S. Federal Reserve’s decision to increase the federal funds rate by 25 basis points on May 3. As the battle against inflation in the U.S. rages on, the Biden administration appointed Philip Jefferson as the new vice chair to replace Lael Brainard. The American president stated that his nominees will play a “crucial role” in maintaining price stability and overseeing the country’s financial institutions.
Fedwatch Tool Points to Low Chance of Rate Hike
Just over a week ago, on May 3, 2023, the U.S. central bank raised the federal funds rate to 5.25% after a quarter-point rate hike. Fed chair Jerome Powell was quick to emphasize that inflation was still a major concern and that the FOMC was committed to bringing the inflation rate back down to the 2% target. However, the latest Consumer Price Index (CPI) report, released on M
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