Central bank policymakers kept the key interest rate at 5.25% to 5.5%. Traders will be listening for details on the path for rate cuts.
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing "some further progress" toward its 2% inflation goal. Traders are awaiting Fed Chair Jerome Powell's press conference, scheduled for 2:30 p.m. ET. Markets are too sanguine about the number of rate cuts in 2025, Wells Fargo Investment Institute says
Wren's team sees two rate cuts this year and just one in 2025, pointing to consumer inflation that remains too high compared to the Fed's 2% target. "In recent months, there has been some further progress toward the Committee's 2 percent inflation objective," policymakers said in their post-meeting statement.The three major averages were higher just after 1:50 p.m. ET.
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