
Federal Reserve Press Release In Plain English – June 2023
Kevin Graham3-minute read
June 16, 2023
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The Federal Reserve chose to take a breath as the weather heats up. While not exactly promising that rates would stay here long-term, the Federal Open Market Committee (FOMC) chose to leave the target range for the federal funds rate where it is right now.
Just as important was another piece of data we got along with this announcement. Once a quarter, the Federal Reserve is asked to predict where several key economic indicators will be over the short-, medium- and longer-term time frames.
Based on these projections, Fed officials anticipate at least one more rate hike before the end of 2023, with a possibility of two more. The current consensus projections among the Committee members appear to open the possibility for rate cuts beginning in 2024.
One thing that is clear is that the pause indicates that, at least this time around, the Fed wanted to wait and see how things play out a bit before making another move. No one, including the Federal Reserve with its small army of economists, can say for sure what’s ahead. If you want to buy or refi and like the rate you see, go ahead and lock.
The Federal Reserve statement is below. My analysis is in bold.
Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.
In short, the Fed is happy with the job market. Inflation is squarely in its crosshairs.
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The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.
See What You Qualify For
Congratulations! Based on the information you have provided, you are eligible to continue your home loan process online with Rocket Mortgage.
If a sign-in page does not automatically pop up in a new tab, click here

Kevin Graham
Kevin Graham is a Senior Blog Writer for Rocket Companies. He specializes in economics, mortgage qualification and personal finance topics. As someone with cerebral palsy spastic quadriplegia that requires the use of a wheelchair, he also takes on articles around modifying your home for physical challenges and smart home tech. Kevin has a BA in Journalism from Oakland University. Prior to joining Rocket Mortgage, he freelanced for various newspapers in the Metro Detroit area.
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