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FOMC Sees One '24 Cut, Modest Further Inflation Progress

EMERGING MARKETS
  • (MNI) - Federal Reserve officials Wednesday held interest rates steady for a seventh meeting and signaled an expectation to cut them just once this year, citing “modest further progress” on inflation while revising up their forecasts for year-end PCE inflation.
  • The Fed held official borrowing costs at a 23-year high of 5.25-5.5%, and its Summary of Economic projections showed a median of just a single rate reduction for 2024, down from three at the March SEP. Seven officials see one cut this year, eight see two cuts, while four see none at all.
  • “The committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%,” the FOMC repeated in its policy statement.
  • Officials also revised up the median longer run dot, seen as a proxy for the neutral rate of interest, to 2.8% from 2.6%, signaling the prospect of higher rates over a longer horizon.
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