The Federal Reserve is releasing the minutes from its June meeting on Wednesday, offering a look at where officials see interest rates headed this year.
within the economy. However, policymakers are likely to leave themselves some wiggle room by maintaining that any decision on rate moves will be data dependent.
"Minutes expected to show that members agreed to slow the pace of hikes, while still thinking more hikes were appropriate," Bank of America strategists wrote in a Monday analyst note. Federal Reserve Chair Jerome Powell speaks during a news conference Wednesday, Dec. 14, 2022, at the Federal Reserve Board Building, in Washington.
The probability that the Fed delivers another rate hike this month rose to more than 88% on Wednesday, according to the CME Group's FedWatch tool, which tracks trading. That compares to about 11% of traders who expect the Fed to hold rates steady at the current range of 5% to 5.25%. Hiking interest rates tends to create higher rates on consumer and business loans, which then slows the economy by forcing employers to cut back on spending. Higher rates have helped push the average rate on 30-year mortgages above 7% for the first time in years. Borrowing costs for everything from home equity lines of credit, auto loans and credit cards have also spiked.
Despite the rapid increase in rates, inflation remains stubbornly high. The Labor Department reported in June that the consumer price index,
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