WASHINGTON: The U.S. Federal Reserve on Wednesday is expected to hold interest rates steady, shave the number of hikes projected for the rest of the year, and release long-awaited details of a plan to end the monthly reduction of its massive balance sheet.
It would take a downward move by seven policymakers to bring the median expected number of hikes to zero for the year, a full half-percentage-point change that has happened only once since the Fed began making its"dot plot" of projections public in 2012. Fed Chairman Jerome Powell is due to hold a press conference half an hour after the release of the policy statement.Fed officials have generally pointed to the rundown ending sooner rather than later, with perhaps just a few more months to go before the central bank hits a level where it is comfortable stopping.
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