The Federal Reserve meeting minutes from June indicate that a majority of the central bank policymakers support additional interest rate hikes this year.
– have signaled that rate increases are likely to continue as government data points to a slow retreat for inflation.
"We did take one meeting where we didn’t move," Powell said during an event held by the Spanish central bank in Madrid last week. "We expect the moderate pace of interest rate decisions to continue."The probability that the Fed delivers another rate hike this month rose to more than 88% on Wednesday, according to the CME Group's FedWatch tool, which tracks trading.
While Fed officials have lauded the surprising resiliency of the economy in the face of higher interest rates, the central bank's own staff economists maintained that a mild recession is likely to begin later this year. However, they suggested that it is possible the economy averts a downturn – a change from their prediction earlier this year.
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