U.S. Fed pauses hike of interest rates

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U.S. Fed pauses hike of interest rates

STORY: U.S. Fed pauses hike of interest rates DATELINE: June 16, 2023 LENGTH: 00:01:29 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of U.S. Federal Reserve Chair Jerome Powell attending the press conference 2. various of exterior of the U.S. Federal Reserve STORYLINE: The U.S. Federal Reserve on Wednesday kept the target range of the federal funds rate unchanged at 5 percent to 5.25 percent, following a slew of 10 consecutive hikes since March 2022. "Holding the target range steady at this meeting allows the committee to assess additional information and its implications for monetary policy," the Federal Open Market Committee (FOMC) said in a statement issued on Wednesday afternoon, after concluding its latest two-day policy meeting. The pause of interest rate hikes was widely expected as the year-on-year growth rate of the U.S. consumer price index slowed down to 4 percent in May, from a peak of 9.1 percent in June 2022. The Federal Reserve reiterated that it is strongly committed

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