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Federal Reserve Sees More Interest Rate Hikes Coming This Year After June Pause; Dow Dips
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deadline.com
deadline.comThe Dow Jones nosedived this afternoon as the Federal Reserve – which has raised interest rates ten times since last year – held them steady for June but indicated that more hikes are on the way.
A pause in the aggressive increases meant to stem inflation was expected, but hawkish commentary in a statement out of today’s Fed meeting wasn’t.
A majority of governors are in favor of raising rates again this year and two more increases are expected. The Fed gave a target 5.6% terminal rate, or where it wants the number to settle.
Chairman William Powell just wrapped a press conference to take questions on the Fed’s thinking. The DJIA reversed course on the news, turning lower by nearly 400 points midafternoon.
Read more on deadline.com
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