by Yaël Bizouati-Kennedy
Yahoo! Finance
Stubborn inflation has been hitting Americans at every level: From grocery prices to those of housing, high costs have placed an enormous toll on consumers. Thus, it came as no surprise that the Federal Reserve chose to keep its rates steady following its Federal Open Market Committee (FOMC) meeting which concluded on May 1. In addition, it also left the door open as to when it would start cutting them.
Earlier this year, Fed officials had indicated that they would implement three rate cuts. However, said officials have since been telegraphing that cuts will probably occur later than previously anticipated. The Fed seems to have now shifted to a “wait and see” approach due to both sticky inflation and strong economic data.
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