The Federal Reserve (Fed) has decided to keep interest rates steady. This decision leaves the benchmark overnight interest rate in the 5.25% to 5.50% range. The Federal Reserve’s decision comes after a two-year period of aggressive monetary policy tightening. This was in response to a significant inflation surge, reaching a 40-year peak. The central bank’s move signals a careful approach towards managing economic growth and inflation pressures.
Despite holding rates constant, Fed officials forecast a decrease in interest rates by three-quarters of a percentage point by the end of 2024. This projection aligns with their commitment to reaching the U.S. central bank’s 2% inflation target. The policy statement highlighted that inflation remains “elevated”. Yet, it shows optimism for economic improvement. It described economic activity as expanding at a solid pace, with strong job gains and a low unemployment rate.
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