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The Federal Reserve opted not to implement an 11th straight rate hike at its latest meeting—but there was little relief on Wall Street as the Fed revealed it’s not done with rate increases quite yet. Fed Chairman Jerome Powell said in his remarks after the meeting, “We understand the hardship that high inflation is causing, and we remain strongly committed to bring inflation back down to our 2 percent goal. The process of getting inflation down is going to be a gradual one — it’s going to take some time.”

The Federal Open Market Committee said they wanted to wait another six weeks to allow time to see more results from their quantitative tightening measures before raising rates from their current target range of 5%-5.25%.. Markets are pricing in another rate hike from the Fed at its July 25-26 meetings.

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