Federal Reserve maintains rates, expects 3 cuts in 2024
Following its latest policy meeting on Wednesday, the Fed's key interest rate remained unchanged within the range of 5.25% to 5.50%, which is the highest level seen since 2001, and upheld its projection of implementing three rate cuts in 2024.
10 out of the 19 officials at the Federal Reserve still anticipate a decrease in the policy rate of at least 0.75% by the end of this year. According to the Fed's policy announcement, the central bank believes that it will not be suitable to lower the target range until it is more assured that inflation is consistently progressing towards the 2% mark.
According to Jerome H. Powell, the Federal Reserve Chair, the situation presents a dual risk: If we loosen monetary policy excessively or prematurely, there is a potential for the resurgence of inflation. On the other hand, if we delay easing measures, it could result in unnecessary damage to employment.
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