Fed Holds Steady With Interest Rates at 2-Decade High

Video Credit: Wibbitz Top Stories
Published on June 12, 2024 - Duration: 01:31s

Fed Holds Steady With Interest Rates at 2-Decade High

Fed Holds Steady , With Interest Rates at , 2-Decade High.

On June 12, the Federal Reserve chose to hold interest rates at a two-decade high while it waits to see more signs of inflation going down.

'The Guardian' reports that officials at the United States central bank expect to make a single rate cut in 2024, according to the latest projections.

In previous projections, policymakers expected the Fed to make three cuts in 2024.

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At the latest meeting, the Fed chose to keep rates at the same place they've been for nearly a year, between 5.25% and 5.5%.

Despite recent data suggesting that inflation may be easing, the Fed clearly doesn't see it moving at a pace that would lead it to start cutting rates.

In May, inflation cooled slightly across the U.S., according to the latest consumer price index, however consumers remain frustrated over skyrocketing prices.

In May, inflation cooled slightly across the U.S., according to the latest consumer price index, however consumers remain frustrated over skyrocketing prices.

'The Guardian' reports that price growth has slowed significantly since surging over 9% in 2022, its highest level in a generation.

'The Guardian' reports that price growth has slowed significantly since surging over 9% in 2022, its highest level in a generation.

May saw prices for air fare and fuel go down, inflation for grocery prices remained flat, and shelter costs continued to rise.

May saw prices for air fare and fuel go down, inflation for grocery prices remained flat, and shelter costs continued to rise.

Overall, prices remained unchanged on a month-to-month basis as the Fed emphasized that it would wait for inflation to hit its previously-stated target of 2%.

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%, Federal Reserve statement, via Fox News


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