Federal Reserve has chosen to hold off on increasing interest rates

After a two-day meeting, the Federal Reserve has chosen to hold off on increasing interest rates, but has indicated that two further rate hikes are expected later this year. This decision comes as the Federal Reserve measures the impacts of the previous 10 interest rate increases, with the Federal Open Market Committee projecting two more quarter percentage point moves by year-end. The potential for further increases resulted in temporary pressure on stocks. Furthermore, the "dot plot" from individual members of the Federal Open Market Committee suggests a median expectation of a funds rate of 5.6% by the end of 2023. However, Federal Reserve Chair Jerome Powell indicated that a final decision regarding a possible increase in July has not yet been made.