However, that doesn’t mean the Fed is done hiking altogether: Officials have characterized their expected move as a “skip” rather than a “pause.” That could give the economy a little more time for the central bank’s aggressive rate-hiking campaign to filter through — and allow Fed officials to determine whether higher rates are bringing down inflation as expected or if they need to keep their foot on the gas.
Watch for signs of a hike in July The Fed may be taking a breather this month, but Fed Chair Jerome Powell will likely clarify in his news conference at 2:30 p.m. ET on Wednesday that a rate hike in July is still in play. While inflation has cooled from 9.1% last June to 4% last month, it’s still punishingly high for US consumers. “Employment growth is still strong, inflation is pretty sticky, so there is a case for more hikes,” said Michael Feroli, chief US economist at JPMorgan Chase.
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Oil steadies as market awaits US Federal Reserve rate outlookOil prices inched up slightly in Asian morning trade on Wednesday as investors awaited the outcome of the U.S. Federal Reserve's June meeting, key economic data from China and government data on U.S. crude stockpiles.
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Oil rises slightly as market awaits Federal Reserve rate outlookOil prices inched up as investors awaited the outcome of the Fed's June meeting, key economic data from China and government data on U.S. crude stockpiles.
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