The Federal Reserve held interest rates steady at 5.25%-5.5% and hinted at a potential rate cut in September, boosting stock market highs
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The Federal Reserve kept its interest rate at 5.25% to 5.5% citing that it is making progress towards its 2% inflation goal. During the press conference, Fed Chair Jerome Powell said a rate cut in September is “on the table”. This comment ended up causing stocks to move to their highs during the speech. “We never use our tools to support or oppose a political party, a politician or any political outcome,” stated Powell. Clarifying during his speech, Powell also stated that “We would never try to make policy decisions based on the outcome of an election that has not happened yet.” Powell also noted that come November this will mark his 4th Presidential election at the Fed.
