BREAKING NEWS: FOMC Holds Rates Steady, Adopts Neutral Stance

The Federal Reserve maintained short-term interest rates at 5.25%-5.5%, noting inflation is nearing the 2% target but requiring further progress before rate cuts, possibly as early as September. The economy grew at a 2.8% annualized rate in Q2, despite signs of a weakening labor market, including modest job growth in July, a rise in the unemployment rate to 4.1%, and the slowest wage growth in three years.

Key Takeaways:

• Fed held rates steady, possible rate cut in September.

• Inflation nearing 2% target but still somewhat elevated.

• GDP growth strong at 2.8%, labor market shows modest signs of weakening.

• Pending home sales surged unexpectedly by 4.8% in June.

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