The US Federal Reserve is widely expected to pause its campaign of interest rate increases on Wednesday to give policymakers more time to assess the economic impact of existing hikes and recent banking stresses. | AFP
Senior officials including Fed chair Jerome Powell have indicated they may vote to hold the benchmark lending rate at the next meeting of the Fed’s powerful rate-setting committee, while leaving the door open to an additional rate hike in July if necessary.
But those pushing for a further hike, like Fed governor Christopher Waller, have indicated support for a more aggressive stance on inflation. Futures traders who as recently as late May were predicting another hike, now see a more-than 70 percent chance that the Fed will vote to hold rates on Wednesday.“Chairman Powell is expected to corral the cats and get the Federal Open Market Committee to skip a rate hike in June, while leaving the door open to hike in July,” KPMG Economics chief economist Diane Swonk wrote in a recent note to clients.
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