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MNI: Fed Sticks To Three Cuts This Year, Hold Rates

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  • (MNI)Federal Reserve officials said Wednesday they need more confidence inflation will keep falling before cutting interest rates, which they expect to do three times this year, as they unanimously left borrowing costs on hold at 23-year highs for a fifth meeting in a row.
  • Policymakers see the federal funds rate ending 2024 at 4.6% on median, unchanged from the December projection, and core PCE inflation closing the year at 2.6%, up from 2.4%.
  • The Fed revised up its expectations for the fed funds rate in 2025 and 2026, and pushed up its view of the long-run funds rate seen as a proxy for the natural rate or r-star to 2.6% from 2.5%.
  • "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 said in its policy statement.
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  • (MNI)Federal Reserve officials said Wednesday they need more confidence inflation will keep falling before cutting interest rates, which they expect to do three times this year, as they unanimously left borrowing costs on hold at 23-year highs for a fifth meeting in a row.
  • Policymakers see the federal funds rate ending 2024 at 4.6% on median, unchanged from the December projection, and core PCE inflation closing the year at 2.6%, up from 2.4%.
  • The Fed revised up its expectations for the fed funds rate in 2025 and 2026, and pushed up its view of the long-run funds rate seen as a proxy for the natural rate or r-star to 2.6% from 2.5%.
  • "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 said in its policy statement.