The Federal Reserve held interest rates steady Wednesday, but policymakers signaled they still expect to start cutting rates later this year. The stock market jumped in response.
Federal Reserve Bank Chair Jerome Powell speaks during a news conference on March 20, 2024 in Washington, DC. Following a meeting of the Federal Open Markets Committee, Powell announced that the Fed left interest rates unchanged, but projects it may cut rates three times later this year.The Federal Reserve held interest rates steady on Wednesday, but policymakers signaled they still expect to start cutting rates later this year.
Fed policymakers said their basic outlook hasn't changed, even though inflation was slightly hotter than expected in January and February. Markets see a slim chance of a rate cut at the next Fed meeting in May, with a higher probability in June.
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