The Federal Open Market Committee (FOMC) is ready to resume raising interest rates after leaving them unchanged in June for the first time in 15 months.

At their July 25-26 meeting, officials may raise interest rates by another 25%, marking their eleventh increase since March 2022.

The slowest growth since August 2021 was 3%, an improvement over last summer’s three-fold inflation.

The Fed has had to raise interest rates to the highest level since 2007 to accomplish it, and after July’s probable increase, the benchmark rate will reach its highest level since 2001.

If the Fed says they’re done, financial conditions may soften, unwinding some of the required tightening in borrowing prices and raising inflation.

However, economists are becoming increasingly optimistic about avoiding a recession, with labor department statistics showing June inflation eased and joblessness declined.

With a rate hike scheduled for July, the Fed will have to consider whether speeding up disinflation is worth hurting the job market.