Interest rates left unchanged at FOMC’s July meeting

The Federal Open Market Committee (FOMC) held rates steady at its meeting this week. Federal Reserve Chair Jerome Powell said recent indicators suggest economic growth moderated in the first half of the year, as unemployment remains low, labor market conditions remain solid, and inflation remains somewhat elevated.

“The FOMC’s decision to hold rates steady was broadly expected. Governors Bowman and Waller each dissented, preferring to cut rates at this meeting, but there was no other indication in the statement that the broader committee was leaning towards a cut in September,” said America’s Credit Unions Chief Economist Curt Long. “With so much uncertainty and conflicting data, many committee members are likely on the fence and will use the next six weeks of incoming data to make up their minds.”