December 13, 2023

Fed Holds Rates Steady, Signals 3 Rate Cuts in 2024

The Federal Reserve kept interest rates unchanged at the conclusion of today's policy meeting. The decision, which was widely expected, keeps the target range for the federal-funds rate at 5.25-5.50%.

Officials see the central bank keeping monetary policy tighter next year than Wall Street had expected. The median forecast in Federal Open Market Committee members’ latest Summary of Economic Projections has the federal-funds rate ending 2024 at 4.6%. Investors expected significantly more cuts in 2024.

Further hiking appears to be off the table, however. Minor changes to the wording of the Fed’s closely watched policy statement could signal the bank is done raising rates.


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