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To no one's surprise, the FOMC in its June meeting reaffirmed its 0-25 basis-point target for the federal funds rate. Markets did not react well, especially since the announcement came on the heels of a fairly downbeat assessment by Chairman Powell regarding the expected slow path for the recovery and the problems in the labor market. The statement itself had little useful information. It focused on the pandemic, the sharp decline in economic activity, and the risks posed to the economic outlook.
The Committee indicated that it will keep rates at