Following its two-day policy meeting, the central bank's rate-setting Federal Open Market Committee said it will keep its benchmark overnight borrowing rate in a range between 5.25%-5.5%.
The outlook for three cuts came from the Fed's "dot plot," a closely watched matrix of anonymous projections from the 19 officials who comprise the FOMC. The chart provides no indication for the timing of the moves. The grid is part of the Fed's Summary of Economic Projections, which also provides estimates for gross domestic product, inflation and unemployment. The dot assortment skewed somewhat hawkish from December in terms of deviations from the median, but not enough to change this year's projections.of the FOMC decision. The Dow Jones Industrial Average was last up nearly 300 points and Treasury yields headed mostly lower, with the benchmark 10-year note most recently at 4.28%, off 0.
Earlier this year, traders in the fed funds futures market had strongly priced in a likelihood that the central bank would start cutting at this week's meeting and continue doing so until it had totaled as many as seven decreases by the end of the year. However, recent developments have changed that outlook dramatically.
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