The US Fed had paused its rate hike for June 2023.

Although the US Fed had paused its rate hike for June 2023, the Fed had projected 2 more rate hikes till the end of 2023.

The Fed dot plot in June indicated the rates would reach 5.6% in 2023.

The summary of economic projections is predicting a higher core PCE inflation (3.9 vs 3.6) by the end of 2023 to justify its 2 more rate hikes.