The Fed continued to signal a "meeting-by-meeting" data-dependent approach to monetary policy. While the June Summary of Economic Projections suggested that there might be one more hike after today's, we think it's also possible that today's hike may be the last one.

Aggressive monetary policy tightening in developed markets led to a drawdown in house prices in 2022, but not a meltdown.

At its June meeting, the Fed opted to forgo an increase in its key lending rate for the first time since March 2022 but projected that more rate hikes may be possible by year-end. Our investment strategy analyst shares his thoughts on when the central bank’s rate-hiking journey could finally end.

The U.S. economy is likely slowing down, and a recession seems likely in the 12-18 month time horizon.