Reported about 1 year ago
The Federal Reserve kept short-term policy interest rates steady between 5.25% and 5.5%, marking the seventh consecutive meeting with no changes, citing mixed signals in U.S. economic data like stronger job creation and slowing inflation. The FOMC indicated that risks to employment and inflation goals have balanced out over the past year, requiring more confidence in sustainable inflation movement before reducing rates. Mortgage rates are expected to remain high, with officials predicting a single rate cut in 2024. Economic projections reveal a median federal funds rate of 5.1% by year end. Fed Chair Powell emphasized the need for solid economic data to guide decisions, and hinted at readiness to maintain current rates if necessary.
Source: YAHOO