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The Fomc, the monetary policy arm of the Fed led by Jerome Powell, announced that it had left rates at the range to which they had been brought on May 3, between 5% and 5.25%, a record since July 2006 .
On that last occasion, US rates were raised by 25 basis points.
It is the first pause after ten consecutive monetary tightenings launched by the central bank in an attempt to halt the surge in US inflation.
However, in the press conference that followed the FOMC’s announcement, it was Jerome Powell himself who communicated that “almost all the FOMC exponents believe further rate hikes this year are appropriate”.
The one announced yesterday is therefore only a pause, not the end of the Federal Reserve’s rate hike phase.