June 16, 2023

US Economic Update – 16 June 2023

Fed pauses in June, but another hike is likely

Key highlights:

  • The Fed paused in June but member forecasts suggest rates will likely move higher.
  • We now expect a 25bp hike at the July meeting, taking the Fed Funds target range to 5.25-5.50%. We expect this will be the peak although risks around this forecast remain tilted to the upside.
  • With the Fed signalling a need for more policy tightening, rates are expected to stay high for longer and we now don’t see rate cuts starting until Q1 2024 (previously Q4 2023).

Find out more in NAB’s US Economic Update (16 June 2023)

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