Federal Reserve Pauses Interest Rate Hikes at 22-Year High

Today, we saw the Federal Reserve hold interest rates steady for the second time this year, pausing its continuous cycle of rate hikes.

Interest rates are currently at a 22-year high, and we just saw the central bank maintain the range for its benchmark interest rate at 5.25%-5.5% while also maintaining the projection for interest rates to finish the year in a range of 5.5%-5.75% (implying one more rate hike this year).

Twelve members of the FOMC saw one more rate hike needed this year, while seven members wanted to keep rates steady through year-end.