The Federal Reserve held its benchmark interest rate steady between 5.25% and 5.5% after its May policy meeting, opting not to cut rates. The Fed noted a "lack of further progress" in reducing inflation and said a rate cut was inappropriate until the price rises move sustainably toward the 2% target. The Fed did ease the pace of reducing its $7.4 trillion balance sheet, slowing the monthly cap on maturing bond redemptions. Fed Chair Powell said inflation remains too high and the path forward is uncertain, with the next move "unlikely" to be a rate hike.
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00:00 It's Benzinga, and here's what's on the block.
00:02 The Federal Reserve held its benchmark interest rate steady between 5.25% and 5.5%
00:06 at its May policy meeting, opting not to cut rates. The Fed noted a lack of further progress
00:12 in reducing inflation and said a rate cut was not appropriate until price rises move
00:17 sustainably toward the 2% target. The Fed did ease the pace of reducing its $7.4 trillion
00:23 balance sheet, slowing the monthly cap on maturing bond redemptions. Fed Chair Powell
00:28 said inflation remains too high and the path forward is uncertain, with the next move
00:31 unlikely to be a rate hike. For all things money, visit Benzinga.com.