The U.S. Federal Reserve announced on the 20th that it would maintain the target range of the federal funds rate at 5.25% to 5.5%.
On that day, the three major U.s. stock market indexes collectively hit record closing highs. The Fed predicts that it will not be appropriate to lower the interest rate target range until it gains greater confidence that inflation will continue to move toward its 2% target. The Federal Reserve Chairman Jerome Powell said it may be appropriate for the Federal Reserve to start easing monetary policy at some point this year.