Federal Reserve interest rate decision for June 2024: Rates unchanged amid cooling inflation
The Federal Reserve said Wednesday it was keeping its key interest rate unchanged as it fights elevated inflation rates that have been pinching U.S. businesses and consumers.
The Federal Reserve said Wednesday it was keeping its key interest rate unchanged as it fights elevated inflation rates that have been pinching U.S. businesses and consumers.
In a statement Wednesday, the central bank said economic activity "has continued to expand at a solid pace," while job gains "have remained strong, and the unemployment rate has remained low."
Though inflation has eased over the past year, it remains elevated — even as there has been "modest further progress toward the Committee’s 2% inflation objective."
The Fed now projects just one rate cut in 2024, down from multiple ones in its previous projection.
Indeed, signs of easing price growth have emerged, leaving some economic analysts to speculate that a rate cut could come prior to November's general election.
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