CIO says Fed will pause rate hikes after September meeting

STORY: U.S. gross domestic product unexpectedly contracted in the second quarter, raising the risk that the economy was on the cusp of a recession, which could deter the Fed from continuing to aggressively increase interest rates as it battles high inflation.

The U.S. central bank on Wednesday raised its policy rate by another three-quarters of a percentage point, bringing the total rate hikes since March to 225 basis points.

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