Powell may provide hints of whether Federal Reserve is edging close to rate cuts

Federal Reserve Bank Chairman Jerome Powell prepares to testify before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hillon March, 7 2024 in Washington, DC. Powell testified during a hearing titled "The Semiannual Monetary Policy Report to the Congress.

Their previous such projections in December showed that the officials expected to cut their benchmark rate three times this year, up from a previous forecast of two cuts. Most economists think the latest quarterly projections will again show that the policymakers expect to cut rates three times in 2024, though there's a possibly they could reduce the expected number to two. Economists generally envision the first rate cut coming in June.

At the same time, the central bank faces a competing concern: If it waits too long to cut rates, a long period of high borrowing costs could seriously weaken the economy and even tip it into a recession.

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