FILE PHOTO: An eagle tops the U.S. Federal Reserve building's facade in Washington
NEW YORK - The U.S. Federal Reserve held interest rates steady on Wednesday but stiffened its hawkish stance, with a further rate increase projected by the end of the year and monetary policy kept significantly tighter through 2024 than previously expected. As they did in June, Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range, just a quarter of a percentage point above the current range.
But from there the Fed's updated quarterly projections show rates falling only half a percentage point in 2024 compared to the full percentage point of cuts anticipated at the meeting in June.STOCKS: S&P 500 lost 3.43 points, or 0.08%, to .4,440.52BONDS: The U.S. Treasury 10-year yield was last down 1.6 basis points at 4.35%.
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