At its meeting today, the Federal Reserve increased interest rates by a quarter of a percentage point. Despite this move, officials are not indicating that their goal has been achieved. This is because inflation remains above the central bank's target of 2%.
During his news conference, Chairman Jerome Powell emphasized the Federal Reserve's continued commitment to this objective, acknowledging that there is still "a long way to go" regarding inflation.
Despite this, some economists and market participants believe that July's rate increase will be the final move in this particular cycle. They cite the progress made on inflation, as well as a slowing economy, as factors contributing to this projected outcome.