The Federal Open Market Committee voted to hold target interest rates steady, due to an uncertain economic outlook and inflation risks.
Fed holds rates steady, predicts fewer cuts in 2024
June 13, 2024 / By ICBA
The Federal Open Market Committee voted to hold target interest rates steady, due to an uncertain economic outlook and inflation risks.
The Federal Open Market Committee voted to hold target interest rates steady, due to an uncertain economic outlook and inflation risks.
Rate Decision: In its policy statement, the FOMC said it would keep the federal funds rate at a range of 5.25-5.50% until inflation is moving sustainably toward its 2% target.
Economic Projections: The Federal Reserve kept the expected 2024 change in the gross domestic product the same as its March projection: 2.1%. The unemployment projection also held steady from last quarter at 4.0%, while the Fed raised its projected rate of inflation for 2024 from 2.6% to 2.8%. It revised its estimated number of rate cuts for the year down from three to one.
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