FRB Holds Rates Steady at Federal Open Markets Committee Meeting

After its two-day policy meeting, the Federal Reserve's (FRB) Federal Open Market Committee (FOMC) unanimously voted to hold the federal funds rate between 0.75 percent and 1.00 percent, citing slowing economic growth.

According to their statement, the FOMC "views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will stabilize around 2 percent over the medium term."

In March, the FRB raised rates by 0.25 percent, the third such increase within its current tightening cycle.

There are market expectations for a June rate hike, with the majority of traders forecasting at least two more rate hikes by the end of the year, according to a recent Yahoo Finance article.

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