MMCC Economic Commentary – May 2023
The Fed announced a 0.25% increase in the Federal Funds rate at the FOMC meeting on May 3rd, pushing the Target Rate to 5.00% – 5.25%. The move was widely expected by the market as inflation has been moving in the right direction, hitting 5.0% in March compared to 6.0% in April and down f rom 9.0% at its peak in June 2022. In its announcement, the Fed softened its…