In the end, the 11 voting members of the Fed’s interest-rate setting committee agreed unanimously to skip a hike after 10 straight increases but signaled they might raise rates twice more this year…
| AP Economics Writer
In Fed parlance, “some” is less than “most” or “many,” evidence that the support for another rate hike in June was a minority view. And some who held that view were likely unable to vote at the meeting; the 18 members of the Fed’s policymaking committee vote on a rotating basis. “Barring any surprises, the Fed will likely increase rates in July after the hawkish pause in June,” said Jeffrey Roach, chief economist for LPL Financial.
“I believe we are just now beginning to see signs that the cumulative effects” of the Fed’s rate increases — the fastest in four decades — “are showing up in the real economy,” Bostic said.Many of his fellow Fed officials, though, don’t agree. The policymakers who had favored a rate hike last month felt that “there were few clear signs that inflation was on a path to return” to the Fed’s 2% objective anytime soon, the minutes said.
Many economists described the message from last month’s Fed meeting as a blurry one. On the one hand, the central bank chose not to raise borrowing costs. And Powell said at a news conference that the Fed was slowing its rate hikes to allow time to assess their impact on the economy. Most other central banks in developed countries are taking a similar approach. ECB President Christine Lagarde and Bank of England Governor Andrew Bailey indicated last week that they expect to keep interest rates high for an extended period. They spoke on the same panel as Powell.
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