Federal Reserve Bank chairman Jerome Powell. The Fed reiterated its plan to cut rates by 75 basis points this year. Photograph: Kent Nishimura/Getty ImagesUS Federal Reserve officials indicated on Wednesday that they still expected to cut interest rates by 75 basis points this year, a sign of confidence that inflation is cooling sufficiently to reduce borrowing costs.
The Fed’s so-called dot plot showed that a growing number of officials were coalescing around the view that rates would end 2024 at 4.5 per cent to 4.75 per cent, equivalent to three 25 quarter-point cuts, in line with December’s dot plot.Hiring cleaners, childminders or carers: What are my tax and legal obligations?
The Fed’s policy statement was little changed from its vote in January, though a reference to a slowdown in the labour market was removed. “Job gains have remained strong, and the unemployment rate has remained low,” the FOMC said. Markets have moved into line with the Fed’s forecasts, reflecting a shift in traders’ expectations for rate cuts this year amid persistent strength in the US labour market and signs of lingering inflation, especially in the services sector.
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US Federal Reserve holds interest rates steadyThe US Federal Reserve held interest rates steady today, but policymakers indicated they still expect to reduce them by three-quarters of a percentage point by the end of 2024 despite stodgier expected progress towards the US central bank's 2% inflation target.
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