With the Federal Reserve set to release its latest policy statement on Wednesday, inflation-weary consumers are eager to learn when the central bank might starting cutting its benchmark interest rate, providing some relief from high borrowing costs. Unfortunately for consumers, the Fed is widely expected to keep rates steady amid stubbornly high inflation, which remains more than a percentage point above the central bank's annualized target of about 2%.
How many times is the Fed likely to cut rates in 2024?Wall Street and consumers alike will be watching for clues from the Fed about whether the bank continues to predict three rate cuts in 2024, which it had indicated earlier this year. Some economists are already scaling back their forecasts for the number of rate cuts they expect for 2024. For example, Solita Marcelli of UBS Global Wealth Management predicts two cuts this year, with the first one occurring in September.
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Source: AP - 🏆 728. / 51 Read more »