US FOMC Meeting (19 - 20 September) - 21 September 2023

Fed held policy rate steady, dot plot shows one more hike likely this year

In line with market expectations, the US Federal Open Market Committee (FOMC) unanimously voted to keep its policy rate within its target range of 5.255.50%.

Our take: As in the previous statement, the Federal Reserve officials reiterated that they are not done raising rates until the 2.0% inflation target is achieved. The Fed’s latest projections showed one more 25 basis points (bps) rate hike this year.

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