US Fed likely to keep rates steady as hopes of early cuts fade

The US Federal Reserve is widely expected to hold interest rates between 5.25 perc ent and 5.50 per cent at the end of its policy meeting. WASHINGTON: The US Federal Reserve is expected to hold interest rates steady for a sixth straight meeting on Wednesday , with a summer start to cuts looking less likely owing to stubborn inflation.

As hope dwindles for rate cuts in the first half of the year, the Fed also faces a growing possibility that eventual reductions will coincide with the run-up to November's presidential election. Financial markets expected the central bank to begin cuts in June just a few weeks ago, but the most recent inflation reports have"definitively pushed the lift-off date substantially into the future", North said.Ryan Sweet, chief US economist at Oxford Economics, said that"given the incoming data on inflation, risks are weighted toward fewer cuts this year".

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