The Federal Reserve’s updated policy released today indicates Fed officials maintain their forecast of three rate cuts in 2024. The Fed, also keeping its benchmark rate within the 5.25% to 5.5% range.
The message remains the same as for some time; interest rates remain stationary, but rate cuts are planned before this year’s end. Inflation remains higher than policymakers had expected. Consumer prices in February on an annual basis rose 3.2% above projects of the economists, showing prices for rent, meats and drinks rising within a range of 5.8% to 27% – more than expected, overall. Producer prices rose 1.6% in the month of February as well, more than expected once again.
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