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FOMC expected to pause rate hikes
The Federal Open Market Committee (FOMC) begins its two-day monetary policy setting meeting today. It is expected to hold the federal funds rate at its current range of 5 to 5.25 percent after 10 previous meetings ending with consecutive hikes.
The committee’s May meeting minutes indicated the debt ceiling could impact future decisions; however, Congress cleared legislation to avoid default and broader economic impacts. NAFCU Chief Economist and Vice President of Research said the May jobs report further supported a pause in rate hikes, but inflation data – which is expected to be released today – could push the committee toward another hike in July.
NAFCU’s research team will provide credit unions with additional insights at the conclusion of the FOMC meeting tomorrow. For more up-to-date economic insights, check out NAFCU’s Macro Data Flash reports.