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The U.S. economy slowed to a crawl in May, with consumers pulling back on spending and businesses delaying hiring, according to the Federal Reserve‘s Beige Book survey released Wednesday.
Before the pandemic rocked the global economy, the Fed and markets enjoyed what some called one of the "easiest years ever for investors." In 2025, the central bank is in no such situation.
US Fed Meeting Highlights: The US Federal Reserve on Wednesday, May 7, 2025, decided to keep the key benchmark interest rates unchanged at 4.25 to 4.50%.
Respondents to the May CNBC Fed Survey still believe the Fed will cut interest rates this year and next.