WASHINGTON - The Federal Reserve is expected to leave interest rates unchanged on Wednesday, with new economic projections from the U.S. central bank's policymakers likely to show fewer rate cuts this year and a delayed start to monetary policy easing.
The statement is due to be released at 2 p.m. EDT , with Powell speaking to reporters half an hour later. The personal consumption expenditures price index, the Fed's preferred inflation measure, has declined from a 7.1% peak annual pace in June 2022 to 2.7% as of April. The current policy rate is regarded as restrictive enough to discourage investment and spending and gradually return inflation to the Fed's target.
While the year-over-year CPI rates are expected to show no or little change from April, the report's details should be seen "as a step in the right direction," after inflation surged more than expected earlier in 2024, BNP Paribas economists wrote. Another major Tesla investor is publicly opposing Elon Musk's $56 billion pay package days before investors vote on the enormous figure.MAGA Nation Finds Reason to Be Furious Over Hunter Biden Conviction
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