Fed holds rates steady
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The Federal Reserve remained on the sidelines and left its benchmark for interest rates unchanged on July 29 despite some predictions for a hike.
Kevin M. Warsh, the Fed’s new chairman, vowed to fight persistent inflation without offering specifics about whether that would include raising rates.
The Fed rate pause announced on Wednesday should motivate borrowers to take these three strategic steps now.
The 30-year Treasury bond yield hovered near levels not seen since 2007, having jumped 6 basis points after regular trading on Wednesday to above 5.2%. The rest of the yield curve was little changed.
The Richmond Fed president said he doesn’t know whether he would have joined the three colleagues who dissented in favor of a rate increase.
Citadel Securities expects a Fed rate hike on Wednesday, while traders price the odds at 37.9%, and prediction markets sit near 28%.
The Fed’s inflation timeline has been repeatedly pushed back. The central bank’s most recent projection from June shows inflation still running at 2.1% in 2029, missing its 2% target even four years out, according to another Rattner chart shared on X.
This is CNBC's live blog covering the Federal Open Market Committee decision and Chairman Kevin Warsh's news conference. The Federal Reserve is set to release its latest interest rate decision on Wednesday,