Fed Keeps Benchmark Rate at 3.50% to 3.75% as FOMC Statement Is Cut Roughly in Half

At the June 18 FOMC meeting led for the first time by Fed Chair Walsh, the committee unanimously held the federal funds target range at 3.50% to 3.75%, according to J.P. Morgan Asset Management Asia Chief Market Strategist Tai Hui. Hui said the statement was about half as long as prior versions and dropped earlier dovish language, signaling no rush to ease policy.