At the most recent policy-setting meeting, the Federal Reserve held interest rates steady. This is the fifth consecutive meeting in which the central bank decided to skip an interest rate hike, meaning the federal funds rate will remain at a target range of 5.25% to 5.5%, the highest it’s been in 23 years. The Federal Reserve maintains their projection that there will be three interest rate cuts in 2024, reducing the federal funds rate to a range of 4.5% to 4.75%.
The official statement reads: "In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."
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