-- Federal Reserve officials dialed back their expectations for interest-rate cuts this year, though Chair Jerome Powell kept the door open for more as he emphasized the new forecasts represented a conservative approach.Policymakers’ updated economic projections, published after a two-day policy meeting in Washington on Wednesday, showed they expected to lower borrowing costs only once in 2024 instead of the three reductions penciled in previously, according to their median estimate.
Powell called the numbers “encouraging,” and hinted that the new consumer price index figures may not be fully reflected in policymakers’ latest quarterly projections.Although the committee was briefed on them, he said “most people generally don’t” update their projections when such data arrive in the middle of policy meetings. Officials marked up their forecast for inflation excluding food and energy to 2.8% in 2024 from 2.
Officials also lifted their estimates of where rates will settle in the longer term to 2.8%, from 2.6% at the March gathering, according to the median projection. The increase, following a slight bump in March, has been fueled in part by the recent resilience of the economy. Donald Trump never paid $380,000 a British court said he owed over the 'golden showers' dossier, former spy says
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