Federal Reserve holds its benchmark interest rate steady, and a majority of officials signal they might not raise the rate at all this year
Fed interest-rate outlook dot plot
is whether any official decides to submit a forecast for a rate cut. It's not the sort of thing that would likely upset the central bank's median outlook, but it would signal how far the ground has shifted for the Fed. The most likely candidate for projecting an easing is St. Louis Fed leader James Bullard, who has been a consistent opponent of rate rises. In an early February speech, he expressed satisfaction with where the Fed's rate target was, but at the same time, he's long been concerned about the softness of inflation expectations.
Some key surveys of price expectations have shown the public's expectation of hitting the 2% inflation target is waning, even as some market measures have improved. That could give Mr. Bullard some space to call for a rate decrease. And if he did, it wouldn't be a fringe move: Former Fed leader Janet Yellen said near the start of February that “both outcomes are possible” when it comes to prospects the Fed will deliver more rate rises or lower rates this year.
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