JLL Real Views The Fed says the unemployment rate will stabilize for the remainder of the year (credit: JLL Real Views).

SAN JOSE—The Federal Reserve Bank maintained the federal funds rate at 1.125% and announced the beginning of balance sheet normalization, which will start next month, moves that were widely expected, according to third-party sources for City National Rochdale. The Fed stuck to its projection of one more rate hike this year, probably in December, say 11 of the 16 senior Fed officials.