Weekly Report – July 26th, 2023

Graph 2023.07.26

Highlight of the Week

Federal Reserve Raises Fed Funds Rate 25 bps

  • At the July 26th meeting, the Federal Reserve announced a 25 bps increase in the Federal Funds Rate. The key benchmark rate was raised to a range between 5.25% and 5.5%, marking its highest level in 22 years.
  • As US output and labor markets remain resilient, the central bank staff is no longer anticipating an economic recession in 2023.
  • Prior to the FOMC’s next meeting in September, focus will be on Jerome Powell at the upcoming Jackson Hole Economic Symposium for any indication of future rate movements.
  • The Federal Reserve also announced that it will continue to reduce its holding of treasury securities, agency debt, and agency mortgage backed securities at the current rate.

Rate Curves

Graph 2023.07.26
Category: Market Updates
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