The economy is strong, unemployment is low and inflation is receding. The Federal Reserve decided to continue to pause interest rates hikes at their last meeting.
The central bank's rate-hiking campaign to tame inflation might be over, although the Fed's policy statement noted that the Committee remains "highly attentive" to the risks of inflationary pressure. Either way, the long-awaited "Fed pivot" seems to be on hold a bit longer. "The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent." Rate hikes traditionally favor savers and lenders. Borrowers and those paying down debt usually feel most of the pain.
