May 01, 2024 18:03 GMT
MNI: Fed Holds Rates, Cites Lack Of Inflation Progress
FED
- (MNI) WASHINGTON - The Federal Reserve kept interest rates on hold for a sixth meeting in a row Wednesday and noted a lack of improvement in recent inflation numbers, suggesting policymakers are in no rush to begin lowering interest rates.
- "In recent months, there has been a lack of further progress toward the committee’s 2% inflation objective," the Fed said in its post-meeting statement.
- Officials also unveiled plans to reduce the pace of balance sheet reduction starting in June, lowering the cap on Treasuries allowed to run off the portfolio to USD25 billion a month but maintaining the pace of agency mortgage-backed securities at a maximum of USD35 billion.
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