WASHINGTON: The US Federal Reserve voted Wednesday (Mar 20) to hold interest rates at a 23-year high for a fifth consecutive meeting, while signaling it still expects to make three cuts this year.
WASHINGTON: The US Federal Reserve voted Wednesday to hold interest rates at a 23-year high for a fifth consecutive meeting, whileThe Fed's decision to keep its key lending rate between 5.25 per cent and 5.50 per cent lets policymakers"carefully assess incoming data, the evolving outlook and the balance of risks", the central bank said in a statement.
"Inflation is still too high," Powell told reporters after the vote, adding:"Ongoing progress in bringing it down is not assured, and the path forward is uncertain." Members of the rate-setting Federal Open Market Committee also left the median projection for interest rates at end-2024 at the midpoint between 4.50 and 4.75.
But in the weeks that followed, Fed officials used public appearances to caution against moving too quickly and reigniting inflation, stressing that any decisions on rate cuts would be"data-dependent." "We retain our baseline call that the FOMC will initiate a methodical, every-other-meeting cutting cycle in June, continuing through 2025," economists at Barclays wrote in a recent note to clients ahead of Wednesday's decision.
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