Fed maintains interest rates; projects higher rates through 2024 with a federal funds rate adjustment to 5.10%. Cooler US inflation report pressures the Greenback, leading to a decline in USD/JPY. Fed's economic outlook: Stable growth at 2.1%, steady unemployment at 4%, with minor hikes in PCE and Core PCE inflation rates.
Meanwhile, the Summary of Economic Projections revealed that policymakers tilted slightly hawkish, as the median foresees the federal funds rate to end at 5.10% in 2024, up from 4.60% in March’s projections. The economy is expected to grow 2.1%, consistent with their March forecast, while the unemployment rate is projected to remain at 4%, unchanged from the previous SEP. PCE inflation is expected to rise slightly from 2.4% to 2.6%, and Core PCE inflation is projected to increase from 2.6% to 2.
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