Fed meeting this week to evaluate inflation progress:Rate cuts possible if May report shows improvement | Christopher Rugaber

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington on May 1, 2024. On Wednesday, June 12, 2024, the Federal Reserve will end its latest meeting by issuing a policy statement, updating its economic and interest-rate projections and holding a news conference with Powell.

Inflation had come in uncomfortably high in the first three months of this year, dimming hopes that it would continue to steadily cool, as it had in the second half of last year. The Fed would reduce rates faster if growth were to stall and companies were to lay off many workers. But on Friday, the government reported a robust job gain in May, with employers across a range of industries adding jobs. The report led Wall Street traders to downgrade their forecast for Fed rate cuts to just one this year, from two.

Another issue Powell may address is whether the economy is starting to weaken. Growth slowed sharply in the first three months of the year, to an annual rate of just 1.3 percent, down from 3.4 percent in last year’s final quarter.

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