Fed holds rates steady, sees just one cut in 2024 despite inflation progress
NY Post
The Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December – despite a key report that showed inflation eased last month more than expected.
In a set of projections that likely removes the prospect of slashing the 23-year high borrowing costs before the Nov. 5 presidential election, Fed officials also repositioned from three, quarter-percentage-point cuts that they had signaled in March to just one.
“We’ll need to see more good data to bolster our confidence that inflation is moving sustainably toward 2%,” Chair Jerome Powell said at a news conference after the Fed meeting ended.
“When we are (more confident), then we can look at loosening policy.”
Powell’s comments came hours after a Labor Department report showed the consumer price index rose at 3.3% year-over-year last month, ticking down slightly from the 3.4% headline rate from April. Economists had expected the CPI to hold steady at 3.4%. Core inflation, which excludes volatile food and energy prices, rose 0.2% — also slightly lower than expected.
“It’s only one reading,” Powell said.
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