The FOMC Skips September Rate Hike... As some anticipated, the Federal Open Market Committee (FOMC) held interest rates steady at its September policy meeting. The FOMC had raised its benchmark federal funds rate at their July 2023 meeting to a range between 5.25% and 5.5%, a 22-year high. FOMC Chair Powell suggested that they were prepared to raise rates one more time this year, at either of their two remaining meetings, to combat inflation.[1] ...But May Not Be Done Yet While inflation is well down from its 9.1% peak last year, it is still higher than the FOMC target. Their projection for annual core inflation, which excludes volatile food and energy prices, is 3.7% for the fourth quarter - above their 2% target.[1] Source : https://fred.stlouisfed.org/series/FEDFUNDS Since rates may be raised again, many economists have described the latest FOMC decision to hold rates steady as a “skip” instead of a “pause.” Higher for Longer! The FOMC has been lifting rates since March 2022 to cool