As expected the May meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank, once again leave policy on hold. The target range for the Fed funds rate was maintained at 4.25%-4.50% for a third consecutive meeting the decision by the FOMC to leave rates unchanged was unanimous. The most recent rate changes from the feds occurred over its final three meetings of 2024 when it reduced rates by a total of 100bps.