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Meanwhile, the odds of a cut coming at the next Fed meeting stand at less than 5%. Put another way, the market gives a 95% chance to the Fed standing pat when it meets in late July.
The inflation gauge the Federal Reserve relies on most to decide whether to raise or lower U.S. interest rates is likely to cement a decision by the central bank to stand pat at its next meeting at the end of July.
The Federal Open Market Committee meets again on July 29-30 & the consensus expectation is that Committee will once again hold target Fed funds rate at current range of 4-4.25%.
The July Fed meeting could be a lively economic event, with Wall Street keyed into what Fed Chair Powell has to say about interest rates and President Trump.
Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher.
The Federal Reserve Board will announce its next rate decision today, June 18, at 2 p.m. EST.
The Fed's Interest Rate Decision Is Good News for Your Savings: Here's Why There's still time to maximize interest earnings on your savings. But don't wait too long.