Analysts react to Federal Reserve leaving interest rates unchanged

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.

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.

Fed Jerome Powell, speaking after the rate decision, cautioned that new central bank forecasts showing monetary policy staying higher for longer are not a pledge for action.

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