The May FOMC meeting brought little surprises, leaving rates and guidance unchanged, but with a slightly faster QT taper. The next expected move is still a rate cut, pending confidence in inflation returning to 2%.
The FOMC kept the target fed funds rate steady at 5.25% - 5.50% in the May meeting, marking 7 consecutive meetings without rate changes since July 2023.
The FOMC emphasized the need for 'greater confidence' in inflation moving steadily towards the 2% target before implementing the first rate cut, acknowledging challenges in achieving this goal.
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