Fed keeps interest rates unchanged as high inflation lingers.
The Federal Reserve on Wednesday held interest rates steady for the seventh straight time and scaled back the outlook for rate reductions later this year as high inflation lingers.New quarterly economic projections laid out after the meeting show that a majority of Fed officials who participated expect rates to fall to just 5.1% by the end of 2024, suggesting there will only be one quarter-point rate cut this year – a sharp reversal from the three they had predicted in March.
"But we don't see ourselves as having the confidence that would warrant beginning to loosen policy at this time."THESE US CITIES HAVE THE BIGGEST INFLATION PROBLEMS, STUDY FINDSPolicymakers raised interest rates sharply in 2022 and 2023 to the highest level in more than two decades in a bid to slow the economy and cool inflation. Officials are now grappling with when they should take their foot off the brake.
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