Political News and Conservative Analysis About Congress, the President, and the Federal Government
The Federal Reserve on Wednesday held its rate target steady for the eighth meeting in a row, although investors think that the central bank will finally cutannounced it would keep its rate target at 5.25% to 5.50%. The move was widely telegraphed and does not come as a surprise.
The Wednesday decision now marks one year since the Fed has changed rates at all. The rate target is still the highest it has been since 2006, before the global financial crisis. The Fed’s goal is for long-run inflation to run at about 2%, a level that it considers healthy. By raising interest rates, the Fed dampens demand and can lower inflation.for the year ending in June, according to the most recent reading of the consumer price index. The 0.3-point decline was more than predicted by economists, who projected that inflation would fall to 3.1% in June from the 3.3% notched the month before.
Then, Fed officials said they see inflation, as gauged by the personal consumption expenditures index, falling to 2.6% by the end of 2024.Looking ahead, in terms of GDP growth, they predict a modest 2.1% growth in 2024.
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