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Investors are very confident that the U.S. Federal Reserve will keep their interest rate unchanged during the June 14 meeting. Back in May, the Federal Funds Rate was increased by 0.25%. To battle against inflation, President Biden decided to make Philip Jefferson the new Vice Chair who has a big role in making sure prices stay stable and keeping an eye on U.S. financial institutions.
The Federal Reserve Keeps Interest Rates Steady Amidst Price Surges
Almost one week ago, on May 3rd, the government decided to raise how much interest banks must pay each other to lend money. The Federal Reserve head person Jerome Powell said that prices were still rising too much and they wanted them to go back down to the normal 2%. But, the latest report released last Friday showed that over the past year prices had gone up 4.9%, which was more than what they hoped for.
Last Friday wasn’t great for investments like stocks, crypto, and metals. The stock market ended lower with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 Index all going down. Crypto prices also decreased while gold and silver stayed nearly unchanged.
At the upcoming FOMC meeting, there’s a really high chance that the interest rate will stay as it is – about 84.5%. Though, there’s still a tiny chance (15.5%) that the rate could actually increase slightly to 5.50%. This information came from the CME Group’s Fedwatch tool.
Biden’s Approved Fed Leader
According to a report by Forbes journalist Simon Moore, most government officials want interest rates to stay the same. But, a few people think that it should be higher at 6%. Plus, there’s one person who predicts interest rates will change before the year is over.
Investors are wondering if the central bank will make changes this year. There is a lot of anticipation in relation to the next Federal Open Market Committee meeting, plus President Biden made some key alterations to who runs the Fed.
A new leader is coming to the central bank, and people want to know what changes this may make for policies and plans in the future. President Biden brought Philip Jefferson with him as the second-highest official of the central bank, which was approved by 91 people in the Senate out of 98 who voted. Biden said that he really hopes Jefferson will be able to take on his role quickly.
It looks like Philip Jefferson, the new Vice Chair of the Federal Reserve (Fed), agrees with Fed Chairman Jerome Powell’s plans to control inflation. So we can expect that if he stays in the role, he won’t cause any changes in how the Fed does things. What do you think about this? Do you have an opinion? Leave your ideas in the comments section down below.
