No Rate Cuts Yet: Fed Maintains Interest Rate Unchanged at Historic Highs
The U.S. Federal Reserve has opted to maintain the federal funds rate target range at 5.25—5.5%, according to the latest report from the Federal Open Market Committee (FOMC).
The U.S. Federal Reserve has opted to maintain the federal funds rate target range at 5.25—5.5%, according to the latest report from the Federal Open Market Committee (FOMC). The committee noted that while inflation has eased over the past year, it remains somewhat elevated, with the overarching goal being to bring inflation down to the 2% target.
As anticipated, the U.S. central bank decided to leave the federal funds rate unchanged. The current target range, 5.25-5.5%, marks a 23-year-high, a level reached after a sequence of 11 interest rate hikes implemented by the Federal Reserve between March 2022 and July 2023 to address high inflation.
“In support of its goals, the committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent,” the report notes. “In considering any adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the FOMC statement details.
Eurozone Negotiated Wage Growth Slowed to 3.6% in 2Q, ECB Says
Eurozone negotiated wage growth slowed to 3.6% in 2Q, ECB says The Eurozone's negotiated wage growth decelerated to 3.6% in Q2 2024, according to data released by the European Central Bank (ECB).
U.S. Consumer Sentiment Tumbles as ‘Recession-like’ Symptoms Spread among Americans
Consumer sentiment in the U.S. dropped to an eight-month low in July, according to the Consumer Sentiment Index from the University of Michigan.
China's July Exports Climbed 7%, Lightly Missing Forecasts, but Imports Grew a Robust 7.2 Percent
China's exports climbed 7.0% in July from a year earlier, a slower pace of growth than in June and missing expectations, but imports rose 7.2%, customs data showed on Wednesday, August 7.
