The US Federal Reserve System has decided to keep the key interest rate at 5.25-5.5% per annum, according to information from the Federal Open Market Operations Committee (FOMC). This decision coincided with analysts' forecasts. Thus, the rate is now at the highest level in the last 22 years. At the same time, most Fed members predict an additional 0.25% rate increase by the end of this year. The official FOMC report says that the US economy continues to grow steadily, despite a slight slowdown in job growth. The unemployment rate remains low, although inflation still remains at an elevated level. Core inflation in the United States is projected to be 3.7% by the end of 2023. The Fed also stressed the stability and reliability of the US banking system, but acknowledged that the tightening of credit conditions could affect economic activity and inflation, although the exact scale of these influences is still unclear. Among other things, the Committee stated that it will continue to carefully monitor inflation risks and will strive to achieve maximum employment and inflation at 2% in the long term. The decision to maintain the rate is part of this strategy, and the Fed will continue to evaluate additional data and their potential impact on monetary policy. In accordance with the previously announced plan, the Federal Reserve will also continue to reduce the amount of assets on its balance sheet.
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