As expected, the Federal Open Market Committee of the U.S. Federal Reserve Wednesday held its benchmark fed funds rate range at 5.25%-5.50%, but its economic outlook now calls for just one 25 basis point rate cut this year.
"In recent months, there has been modest further progress toward the Committee's 2 percent inflation objective," said the FOMC in its, the Fed's median expectation for the fed funds rate at year-end 2024 is now 5.1% versus 4.6% three months ago. This means the central bank is now anticipating just one 25 basis point rate cut this year versus 75 previously. The 2025 year-end fed funds expectation is now 4.1%, suggesting 100 basis points in rate cuts next year.
Still ahead is Fed Chairman Jerome Powell's post-meeting press conference to begin at 2:30 p.m. ET at which he'll give more color on the central bank's thinking with respect to today's decision and monetary policy going forward.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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