FOMC announced its latest monetary policy decision today at 7:00 pm BST. As widely expected, the US central bank decided to deliver a 25 basis point rate hike, putting Fed funds rate in the 5.25-5.50% range. This is the highest level of rates in the US since the beginning of 2001!
There were no major changes in the statement and as there were no economic projections or dot-plot released at this meeting, investors need to wait until 7:30 pm BST to hear more from Fed Chair Powell during his press conference. For now, at least one more rate hike this year still seems to be the Fed's base case scenario even though the market does not believe it will deliver.
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