Review: Fed Leaves Rates Unchanged, And Signals A More Cautious Approach to Easing

by Brunello Rosa and Nato Balavadze

In this paper we discuss:

• The Fed’s assessment of the US economy, which is slowing down;
• The Fed’s decision to pause again in June and what it may do in coming months; 
• The downward revision to the growth outlook and the upward revision to the inflation forecasts; and
• The relatively benign market reaction. 

Download PDF: Fed Review June 2025