US Fed Meeting: The Main Highlights
The FOMC decided to keep rates unchanged at the 4.25-4.5% range for the fourth time in a unanimous decision.
It has raised the inflation projection to 3% in 2025, higher than the 2% target. At the same time, the US GDP growth forecast has been lowered to 1.4%.
The 'dot plot' is unchanged from March. Fed still sees two 25 basis points rate cuts in 2025.
Jerome Powell said uncertainty remains high amid tariff tensions and Middle East crisis.
He said the effects of Trump tariffs will depend, among other things, on their ultimate level. "Increases in tariffs this year are likely to push up prices and weigh on economic activity.”
(With this, we end the live blog. Thanks for joining.)
Fed Meeting Live: Powell Press Conference Ends
Fed Meeting Live: Powell On Oil Prices
On the Middle East crisis, Powell says oil prices have historically moved up briefly after conflict and then come done. He, however, noted the 'oil shock' of the 1970s when steep prices had a severe impact.
"The US economy is far less dependent on foreign oil," he said, while saying inflation won't take a sudden mark.
Jerome Powell Live: Fed Chair Says Tariff Costs To Pressure US Consumers
Some of the tariff costs will be borne by US consumers and businesses, Powell says as the Fed sees higher inflation coming. This is in contrast to Trump's repeated assertion that tariffs will hit other countries.
Big Swing In Wall Street: Stocks Fall
US benchmark indices have swung to losses. The S&P 500, Dow Jones and Nasdaq are now trading lower.
The Dollar has almost erased its losses. Euro and Pound has fallen.
Jerome Powell Live: Future Rate Path
On the June 'dot plot', Powell said focus is on near-term rates instead of longer-term rates.
The FOMC Dot Plot still sees two 25 bps rate cuts in 2025 but fewer cuts in 2026 and 2027. "No one holds these rate paths with a lot of conviction," Powell said.
Jerome Powell Live: Uncertainity Still High
"Uncertainty peaked in April but has declined since. It's still high," Powell said.
Context: Trump imposed 'Liberation Day' tariffs in early April, before pausing them till early July.
Jerome Powell Live: Fed Chair On Trump Trade Policy Impact
"It all depends on the size of the tariffs, how long it takes for them to be passed through and on keeping inflation expectations anchored," Powell said.
He also said the effects of tariffs, will depend, among other things, on their ultimate level. "Increases in tariffs this year are likely to push up prices and weigh on economic activity.”
Jerome Powell Live: Fed Chair On GDP Growth
Powell notes that the contraction in the first quarter was mostly due to swings in imports, so it makes GDP measurement a bit difficult right now.
He said that sentiment surveys show elevated uncertainty about the economic outlook and that it remains to be seen how this impacts spending and investment decisions.
US Fed Meeting Live: Chairman Jerome Powell Speaking Now | Watch LIVE
US Fed Meeting Live: Dollar Weak Against Major Currencies
The dollar remained weak against major peers. The dollar index is down 0.23%.
The Japanese Yen surged as much as 0.5%.
US Fed Meeting Live: Wall Street Reaction
The S&P 500 is up 0.26%
The Nasdaq Composite rose 0.32%
The Dow Jones Industrial Average rose 0.25%
US Fed Meeting Live: 'Dot Plot' Still Sees Cuts In 2025
The FOMC projections show a half percentage point cut in 2025, the same as in March. That means the Fed may deliver two quarter-point cuts this year.
US Fed Meeting Live: Economic Projections
The US Federal Reserve has lowered the 2025 GDP estimate to 1.4% from 1.7%.
On the other hand, it has lifted inflation from 2.7% to 3%, above the 2% target of the central bank.
US Fed Meeting Live: Read Full FOMC Statement
Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has diminished but remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
US Fed Meeting Live: FOMC Keeps Interest Rate Unchanged
The Federal Reserve's FOMC has decided to keep its benchmark interest rate unchanged at 4.25%-4.5% for a fourth consecutive time. The decision was unanimous.
US Fed Meeting Live: What FOMC Did And Thought In May
Federal Reserve maintained the benchmark interest rate in a range of 4.25%-4.5% at the May meeting for a third consecutive time.
In FOMC minutes issued soon after, officials broadly agreed that heightened economic uncertainty justified their patient approach to interest-rate adjustments.
Policymakers judged that the risks of both higher unemployment and inflation had risen since their previous meeting in March, primarily due to the potential impact of tariffs. Such a scenario could pit the Fed’s goals of stable prices and maximum employment against one another.
US Fed Meeting Live: Dollar Trades Lower
The US dollar weakened against major currencies. The dollar index is down 0.2% at 98.65.
The yen gained as much as 0.4% against the greenback.
The dollar is being pushed and pulled in different directions due to the prospect of a dovish Federal Reserve meeting and higher oil prices.
The Fed is expected to leave rates unchanged, but update their economic and policy projections, with some analysts expecting a dovish tone and others predicting a more hawkish dot plot.
Fed FOMC Live: Easing Capital Rule Limiting Banks Treasury Trades
To alleviate constraints on trading in the $29 trillion Treasuries market, leading US bank regulators – the Federal Reserve, FDIC, and OCC – are planning to reduce the enhanced supplementary leverage ratio for the nation's biggest banks, including giants like JPMorgan Chase & Co. and Goldman Sachs. This adjustment could see the key capital buffer lowered by as much as 1.5 percentage points.
(Source: Bloomberg)
US Fed Meeting Live: S&P 500 Regains 6,000 Points
US stocks advanced after a flat open, with the S&P 500 reclaiming 6,000 points. Trump said Iran has reached out about the possibility of negotiations, bolstering hopes Tehran’s conflict with Israel will de-escalate.
The S&P 500 rose 0.6% as of 10:48 a.m. New York time
The Nasdaq 100 rose 0.6%
The Dow Jones Industrial Average rose 0.7%
US Fed Meeting Live: What To Expect From June FOMC
Economists largely believe the Fed will maintain its current policy stance and keep the key interest rate steady. This expected decision could again draw sharp reactions from Trump, who has often criticised the central bank for its refusal to cut rates by as much as a full percentage point.
In the weeks leading up to the meeting, several Federal Reserve officials have indicated reluctance to reduce interest rates, pointing to the risk that Trump’s trade tariffs could rekindle inflationary pressures. Although inflation has come down significantly since the post-pandemic spike, it is still hovering near the Fed’s 2% annual target.
Despite the progress, Fed officials are cautious. President Trump, on the other hand, continues to remain critical of Fed leadership, even calling Chair Jerome Powell a “numbskull” for not moving to lower rates this year.
As the FOMC wraps up its deliberations, investors and policymakers alike will be watching closely, not only for immediate decisions but also for any forward-looking guidance on interest rates and the central bank’s broader economic outlook.
Where To Watch US Fed Meeting Live?
The outcome of the June FOMC meeting will be announced at 2 p.m. Eastern Time (11:30 p.m. IST) on June 18. Following the announcement, Federal Reserve Chair Jerome Powell will hold a press conference, which will be streamed live for public viewing.
You can watch the live broadcast on the following platforms:
Federal Reserve YouTube channel: https://www.youtube.com/federalreserve
Federal Reserve’s X (formerly Twitter) handle: https://x.com/federalreserve
Federal Reserve official website: https://www.federalreserve.gov/live-broadcast.htm
The post-meeting press conference by Jerome Powell will also be broadcast live on NDTV Profit’s YouTube channel.
US Fed Meeting Live: Trump's Wish
US President Donald Trump said it "would be nice to be 2.5 points lower" on the interest rate ahead of the FOMC decision.
Source: Bloomberg
US Fed Meeting Live: Wall Street Opens Flat
Wall Street was little changed on Wednesday as investors followed the latest developments in the Middle East crisis and traders braced for the Federal Reserve's interest rate decision.
The Dow Jones Industrial Average hovered around the flatline. The S&P 500 gained 0.1% but stayed below 6,000 points. The tech-heavy Nasdaq Composite was flat.
The US central bank is widely expected to hold interest rates steady at their meeting later today while they gauge the implications of President Donald Trump’s tariffs and other policies. The impact on consumer prices from higher duties has been muted so far.
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