Federal Reserve issues FOMC statement

Live updates

1. 2h ago

   Fed Holds Rates Steady at First Meeting Under Chair Kevin Warsh

   The FOMC kept the federal funds rate at 3.5% to 3.75% during its June 17 meeting. This marks the first policy session led by Chair Kevin Warsh. The announcement was described as extremely brief.

   What's confirmed:

   • The FOMC maintained the target federal funds rate at 3.5%-3.75%.
   • The June 17 policy meeting was the first under Chair Kevin Warsh.

   Still unconfirmed:

   • Inflation reached a three-year high of 4.2% due to increased energy costs.
   • The brief nature of the announcement reflects Kevin Warsh's dislike for excessive detail.
   confidence 90%
2. 1d ago

   FOMC Maintains Federal Funds Rate at 3-1/2 to 3-3/4 Percent

   The Federal Open Market Committee voted 12-0 to keep the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. The Committee noted that economic activity is expanding at a solid pace. This decision supports the dual mandate of the Federal Reserve.

   What's confirmed:

   • The Federal Open Market Committee maintained the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.
   • The decision to maintain the rate was approved by a 12-0 vote.
   • Economic activity is expanding at a solid pace.
   • The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

   Still unconfirmed:

   • The latest FOMC statement outlines a quarter-point rate cut amid concerns over the labor market and inflation.
   • Chair Jerome Powell signaled two more cuts in 2025.
   • Donald Trump attempted to remove Fed Governor Lisa Cook.
   confidence 90%
3. 3d ago

   Fed Holds Rates Steady at First Meeting Under Chairman Kevin Warsh

   The Federal Open Market Committee maintained the federal funds rate at 3-1/2 to 3-3/4 percent in a 12-0 vote. This first meeting chaired by Kevin Warsh saw the removal of forward guidance and changes to the rate statement. Markets reacted with volatility as more officials signaled a potential for future rate hikes.

   What's confirmed:

   • The Federal Open Market Committee voted 12-0 to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.
   • This was the first FOMC meeting chaired by Kevin Warsh.
   • The Fed dropped forward guidance.
   • Federal Reserve officials expect inflation to remain elevated through the end of the year.

   Still unconfirmed:

   • US stocks sank due to worries about a possible interest rate hike this year.
   • Markets were rattled by Kevin Warsh's poker face.
   • Kevin Warsh is confirming some of Wall Street's fears.
   confidence 95%