Fed holds interest rates at July 31 meeting
Aug. 8 (ZFJ) — The Federal Reserve maintained the target federal funds rate at 5.25-5.50% at the Federal Open Market Committee (FOMC)’s July 31 meeting.
This rate was set on July 26, 2023, and has been held steady since then. The Fed has been aggressively increasing the interest rate since raising it from 0.00-0.25% to 0.25-0.50% in March 2022 in order to fight stubborn inflation.
“The labor market has come into better balance and the unemployment rate remains low,” said Fed Chair Jerome Powell in his opening remarks at a press conference.