Fed forecasts rate hikes / Dollar Report: June 2023

The FOMC and Jerome Powell announced today that though they have put a pause on interest rate increases, a majority of the committee forecast at least two more hikes in the federal funds rate in 2023, rattling markets. Importantly, the FOMC is no longer forecasting a mild recession later in 2023. Also, we look at the latest CPI (consumer price index) numbers from the Bureau of Labor Statistics and the May 2023 minutes from the FOMC at the Federal Reserve.

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Dr. Jonathan Barth received his PhD in history from George Mason University in 2014. He specializes in the history of money and banking in the early modern period, with corollary interests in early modern politics, empire, culture, and ideas. Barth is Associate Professor of History at Arizona State University and Associate Director of the Center for American Institutions at Arizona State University.
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