Today, members of the Federal Reserve held rates steady as was widely expected. The target fed funds rate remains at 4.25% – 4.50%.
The uncertainty was what Fed Chair Jerome Powell would say in his press conference. Here’s the TLDR (“too long, didn’t read”) synopsis:
We don’t know whether inflation or the labor market will deteriorate first. We’re going to wait to adjust policy until the data point us one way or the other.
Bottom line: Today’s Fed response boiled down to “if it ain’t broke, don’t fix it” – despite their admission that the odds of something breaking are rising.
This post originally appeared at InvestorPlace.