The recent US Fed meet in 2024, led by Chairman Powell, maintained the key interest rates at 5.25-5.50% for the fifth consecutive meeting. This decision reflects the Fed’s commitment to balancing economic growth and inflation rates. By keeping the rates unchanged, the Federal Open Market Committee (FOMC) aims to provide stability and support to the economy while closely monitoring market trends and indicators. Powell’s leadership continues to steer monetary policy with a focus on sustainable economic expansion and price stability, adapting to evolving global conditions and challenges.
US Fed Meet Highlights 2024
US Fed Meet Highlights: The US Federal Reserve announced its decision on interest rates today following a two-day Federal Open Market Committee (FOMC) meeting. The benchmark interest rates remain unchanged at 5.25 per cent – 5.50 per cent for the fifth consecutive meeting, aligning with market expectations. Despite persistent inflation, the FOMC anticipates three rate cuts in 2024. The panel concluded its second policy-setting meeting of the year by voting unanimously to maintain the policy rate at a 23-year high. It stated that it will only consider reducing the target range once it is more confident in the sustainability of inflation moving towards two per cent.
Highlights from the US Federal Reserve Meeting
Highlights from the US Federal Reserve meeting led by Jerome Powell indicated that the rate-setting committee maintained interest rates at a 23-year high for the fifth consecutive meeting, while also suggesting anticipation of three rate cuts in 2024.
FOMC Members Median Projection
FOMC members maintained the median projection for end-2024 interest rates between 4.50 and 4.75, implying an expectation of 0.75 percentage points in cuts by the year’s end, likely resulting in three 0.25 percentage point cuts. Fed policymakers revised the US growth forecast significantly, increasing it to 2.1 percent for this year from 1.4 percent in December. They kept the headline inflation forecast steady but raised the outlook for core inflation to 2.6 percent. Following a series of rate hikes totaling 5.25 percentage points since March 2022 in response to inflation, the central bank has held the policy rate steady since July 2023.
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US Fed Meet Live Ended
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US Fed Meet Live: Key highlights of Powell-led FOMC decision
The Federal Reserve has decided to keep benchmark interest rates steady at 5.25-5.50 percent, maintaining them at a level not seen in 23 years. Despite persistent inflationary pressures, the Fed anticipates three rate cuts in 2024. The forecast for US GDP growth has been increased to 2.1 percent for the same year, with headline inflation predictions remaining unchanged and core inflation estimates raised to 2.6 percent. Furthermore, the Federal Reserve has announced its decision to refrain from reducing rates until inflation consistently aligns with the two percent target set by the central bank. This cautious approach reflects the Fed’s commitment to managing inflation while also supporting economic growth and stability in the long term. The Fed’s stance on interest rates and inflation underscores its dedication to balancing economic objectives and maintaining price stability. As investors and market participants analyze these decisions, they will closely monitor how these factors influence monetary policy, financial markets, and broader economic conditions both domestically and globally.
US Fed Meet Live 2024: Canadian dollar climbs to six-day high on Fed rate cut Forecast Update
On Wednesday, the Canadian dollar rose to its highest level in six days against the US dollar, as investors welcomed the Federal Reserve’s decision to maintain its projected interest rate cuts until 2024. The loonie gained 0.5% to reach 1.35 against the US dollar, equivalent to 74.07 US cents, hitting its highest point since the previous Thursday at 1.3491. Meanwhile, Wall Street saw a surge, US Treasury yields declined, and the US dollar weakened against various significant currencies.
US Fed Meet Live 2024: Gold advances on renewed rate cut bets after Fed verdict Update
On Wednesday, gold prices surged by more than one percent following the US Federal Reserve’s announcement of a projected interest rate reduction of 0.75% by the end of 2024. This led to a decline in the dollar and Treasury yields. The price of spot gold increased by 1.2% to reach $2,183.02 per ounce. Meanwhile, US gold futures saw a modest 0.1% rise, settling at $2,161, as reported by Reuters. Last week, gold prices had decreased by nearly one percent due to higher-than-anticipated macroeconomic data in February, hinting at ongoing inflation and diminishing expectations of rate cuts.
US Fed Meet Live 2024: S&P 500 breaks above 5,200 for the first time after Fed decision Update
US stocks experienced an increase on Wednesday, with the S&P 500 surpassing the milestone of 5,200 for the first time ever. This came after the Federal Reserve decided to keep rates at a 23-year high and confirmed the likelihood of three cuts by the end of 2024. The most recent forecasts indicate that the average policymaker foresees a decrease of three-quarters of a percentage point in the Fed’s benchmark overnight interest rate in 2025, which is a reduction from the one percentage point forecasted in December. Additionally, there is an expected decrease of three-quarters of a point in 2026, aligning with previous expectations.
Summary
The recent US Fed meeting led by Powell has maintained key interest rates at 5.25-5.50% for the fifth consecutive meeting, indicating stability in monetary policy. This decision reflects the Fed’s commitment to carefully navigating economic conditions while supporting growth and managing inflation concerns. Investors and financial markets will continue to monitor future developments closely for insights into the Fed’s approach and its impact on various sectors. Stay informed about the latest updates and implications of US Fed decisions to make well-informed decisions in your financial endeavors.
