The Federal Reserve announced that it would maintain the federal funds rate at 5.25% to 5.5% and plans to begin reducing them sometime this year. Fed officials anticipate at least three rate cuts for 2024, but now anticipate one less rate cut in 2025.
Inflation increased by 3.2% in February as housing inflation and gas prices rose. Fed Chair Jerome Powell stated that the central bank will continue to monitor inflation and economic indicators to determine when to lower rates.
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