Rates Unchanged Following FOMC Meeting

The Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting arm, concluded its regular periodic two-day policy setting meeting Wednesday without changing interest rates. Fed Chairman Jerome Powell also indicated that the committee does not plan to cut rates anytime soon.

Additional information is available from the chairman’s opening statement, and the post-meeting press conference video and press release.

The committee last raised the federal funds target rate to the current range of 2.25 to 2.5% at the end of its December meeting, the fourth rate hike of 2018.

Following its March meeting, the committee indicated that the current range is expected to remain the same in 2019 and that only one rate hike will be in made in the next two years.

Most economists agree that the Fed will hold at the current rate through 2020, according to a new Bloomberg survey.

The next FOMC meeting is scheduled for June 18-19.