Investors expect rate cuts, but more than half of Fed members say rate will top 5% a year from nowFederal Reserve Chair Jerome H. Powell will explain the central bank's line of thinking at a press conference later on Wednesday.
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. With the federal funds rate falling to 5.1 per cent by the end of 2024 and 3.9 per cent by the end of 2025, the central bank's main measure of inflation is projected to drop to 3.3 per cent by the end of this year, to 2.5 per cent next year and to 2.2 per cent by the end of 2025.
12 of 19 officials at the Fed see one more hike this year, according to their "dot plot" projections.
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