Federal Reserve holding interest rates steady

WASHINGTON, D.C. (CNN) – The S&P 500 index entered bull market territory last week which means it hit a 20% rally from the low it fell to in October. This may be an especially sunny month for Wall Street and U.S. households.

After announcing numerous increases since March of 2022, the Central Bank is skipping one for June.

However, analysts say another increase could come later this summer.

The Fed’s ten consecutive interest rate hikes have also played a factor in the  U.S. job market, bringing an end to the so-called “great resignation” when almost 50 million people quit their job in the two years following the pandemic.

The government reports the number of people leaving their jobs dropped by 49,000 in April compared to March.

And the so-called “quitting rate” is essentially back to the pre-pandemic average.

The May producer price index reports are also due Wednesday.

But investors say that’s unlikely to change the Fed’s June decision unless they show inflation rates are wildly above expectations.

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