June 15 (Cointime) - The Federal Open Market Committee has decided to maintain the federal funds rate between 5% and 5.25% at its June meeting, marking a pause in the trend of rate hikes. The decision will become effective on June 15th.

The Federal Reserve aims to manage inflation and stimulate economic growth, but tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.

The FOMC's median federal funds rate expectation for the end of 2023 was revised up to 5.6% from 5.1% in the previous projections, suggesting another 50 basis points of rate hikes in 2023.