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- The Fed previously hiked rates on May 3 to 5.00-5.25%
- Statement continues to say "inflation remains elevated"
- Recent indicators suggest that economic activity has continued to expand at a modest pace
- Job gains have been robust in recent months
- "Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy.".
- The statement continues to highlight 'the extent of additional policy firming' that may be appropriate
- No dissents
- Fed Chair Jerome Powell will hold a press conference at the bottom of the hour
The big story is the dot plot, with the median moving all the way to 5.6%, which implies two more hikes. That has the market reeling. The US dollar is higher across the board with USD/JPY to 139.90 from 139.45.
