As universally expected, the Fed held its base interest rate at 5.25% to 5.50%. The Fed still expects cuts this year, yet issued a big caution about inflation. 
Federal Reserve Press Release (Emphasis Mine)
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any 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 does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to 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.
The above clips are from the Fed’s Press Release.
This strikes me as a bit on the hawkish side, but it is what various Fed presidents have been yapping. The statement certainly is not dovish.
Fed Press Conference
This is a link to the Fed’s live press conference that starts at 2:30 Eastern.
I will have more on the press conference and summary of economic projections shortly.
Does’nt the Fed usually need a reason to cut interest rates? I mean like they have broke something in the banking industry and the are trying like hell to cover it up. or is it different this time?
RRP is down to $496B. More money poured in.
Do we have an accurate measure of Gross Domestic Product with which to measure economic activity when so much of the “good news” is grossly borrowed and inflated government spending? Two economies, right Mike??
Fighting inflation is great but when you have out of control government spending, their efforts are somewhat countered.
The “goal” is 2 percent inflation but the “reality” is going to be 3.5 to 4 percent inflation. Disinflation is transitory. If you’re on fixed income, my heart goes out to you because you’re about to get squeezed to oblivion.
“It’s turtles all the way down and inflation all the way up.”
Stock market likes it, surging into close $$$. Bonds little changed.
“The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks” to our member banks profitability (fixed the incomplete statement).
When it comes to acknowledging and combating rising inflation affecting main street America, the Fed does its best Mr. Magoo or Sgt. Schultz impersonation.
They only begin to combat inflation when it starts hammering the Fed member banks profitability.
The Creature from Jekyll Island should have been aborted before it began.
Pat yourself on the back. Well said 👏👏👏👏
If the Fed is working for bank profits then maybe you should own bank stocks. You ain’t going to beat them so you may as well join them.
Fuk the FED criminals. 4 years of crushing inflation and they are still yapping instead of killing it violently
Arthut Burns > Powell
Powell is the perfect pussy fraud in the golden age of fraud
4 years? It’s been 2 since the first rate hike, prior to that they didn’t think inflation was a problem.
They were 2 years late. It took them over a year to admit it wasn’t transitory. And then it took them a half year to start their half hearted faux QT
“The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.”
Which is EXACTLY what they said in the last statement.
Another big nothingburger from the FOMC.
Thats it Powell just ignore the inflation…END THE FED is my MANTRA…
Unfortunately USA does not have enough gold to back the currency. Fiat is all we can afford.
Illegal immigration is inflationary to food and housing. Government spending on illegal aliens amplifies the inflation.
Higher For Longer
watch as the expected cuts are pulled OFF the table by June…
The Fed is highly attentive to Inflation. That’s why they fudge the inflation numbers.
Their Fed-speak means that they do not know what is going on with inflation. They haven’t a clue as to why their rate hikes have not yet tamed inflation.