Fed Postpones Interest Rate Cuts for Now, Foresees 3 Rate Cuts Within The Year

Federal Reserve: "In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent".

FEDERAL RESERVE - The stock market rallied after the Federal Reserve released its projections on future interest rate changes, foreseeing three rate cuts within the year, but remains cautious and has postponed cuts for the time being as inflation although easing remains elevated.

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Federal Reserve Issues FOMC Statement:

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.

The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.

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.

Plans And Projections, Statements, Press Release: