03/20/2024

Federal Reserve Holds Interest Rates Steady

The agency projects three rate cuts later this year

On Wednesday, the Federal Reserve held interest rates steady; however, policymakers signaled they still expect to start cutting rates later this year.

Updated forecasts from members of the Fed's rate-setting committee show an average of three quarter-point rate cuts in 2024 — similar to what policymakers were projecting in December.

While inflation has cooled significantly over the last year, recent measures show prices are still climbing faster than the central bank would like. Since last summer, the Fed has kept interest rates at their highest level in more than two decades, in an effort to tamp down demand and bring prices under control.

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