Federal Reserve leaves interest rates unchanged as U.S. economy continues at a slow and steady pace
at least one cut, likely in July or September. Fed Chair Powell has said it would take a “material reassessment” of the economy’s health for the central bank to alter rates.
Beyond interest rates, many investors are paying close attention to the Powell’s plans for the Fed’s balance sheet. Since September, the Fed has bought about $400 billion worth of short-term Treasury bills to ensure there is enough money in the system to keep overnight borrowing rates for banks where the Fed wants them. Powell has indicated the central bank will continue pumping liquidity into the system “at least” through the second quarter, but he has not given much clarity around how many reserves he thinks the system needs or how the Fed will ween the market off this additional safety net.
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