With the end of their two-year fight against inflation in sight, Federal Reserve officials on Wednesday are likely to set the stage for the first cut to their key interest rate in four years.
Discover incredible Insider Deals that will make your life a little bit easierFILE - An American flag flies over the Federal Reserve building on May 4, 2021, in Washington. With the end of their two-year fight against inflation in sight, Federal Reserve officials on Wednesday, July 31, 2024, are likely to set the stage for the first cut to their key interest rate in four years.
Instead, Powell will have more opportunities in the coming months to illustrate how the Fed is thinking about inflation and interest rates, particularly in his speech in late August at the annual Fed conference in Jackson Hole, Wyoming. As a result, he may not provide much of a hint Wednesday regarding how quickly the Fed will cut rates after it starts doing so.
One encouraging sign for the Fed is that rental prices, a key driver of broader inflation, have started to noticeably cool, as new apartment buildings have been completed in many large cities. Powell has long said the Fed was seeking “greater confidence” that inflation was falling back to the Fed's 2% target. Earlier this month — even before the latest inflation readings — he said that recent inflation data does “
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