Fed holds off on rate hike, but says two more are coming later this year

The Federal Reserve on Wednesday decided against what would have been an 11th consecutive interest rate increase as it measures what the impacts have been from the previous 10.

But the decision by the Federal Open Market Committee to hold off on a hike at this meeting came with a projection that another two quarter percentage point moves are on the way before the end of the year.

“We have raised our policy interest rate by five percentage points, and we’ve continued to reduce our security holdings at a brisk pace. We’ve covered a lot of ground and the full effects of our tightening have yet to be felt,” said Fed Chair Jerome Powell a press conference following the central bank decision.