The minutes of the United States Federal Reserve's (Fed) monetary policy meeting on June 17-18 will be released on Wednesday at 6:00 PM GMT. Policymakers decided to keep the benchmark interest rate in the 4.25%-4.5% range, but the revised Summary of Projections (SEP) shows that policymakers project two 25 basis point (bps) rate cuts in 2025.
Jerome Powell and co. decided to leave the policy setting unchanged after the June meeting.
The Federal Open Market Committee (FOMC) decided to keep the benchmark interest rate unchanged at its June meeting. In its policy statement, the US central bank reiterated that inflation remains "moderately elevated," while labor market conditions remain solid with low unemployment.
The SEP highlighted that policymakers still expect a 50 bps rate cut in 2025, but now only expect a 25 bps cut in 2026, compared to the 50 bps projection in the March SEP. In the post-meeting press conference, Fed Chair Jerome Powell reiterated that there was no need to rush into policy adjustments.
Although some Fed officials expressed openness to the idea of a rate cut in July, the upbeat June jobs report reaffirmed that the Fed will likely wait until September to ease policy. The unemployment rate fell to 4.1% from 4.2% in May, and nonfarm payrolls rose by 147,000, exceeding market expectations of 110,000. (alg)
Source: FXstreet
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