Fed to Stay at Current Rate Horizon Citing Inflation for Longer than Anticipated
The Federal Open Markets Committee (FOMC) concluded its two-day monetary policy meeting with a unanimous decision to let the Fed funds target rate stay at 5.25%-5.50%.
The Federal Open Markets Committee (FOMC) concluded its two-day monetary policy meeting with a unanimous decision to let the Fed funds target rate stay at 5.25%-5.50%.
The accompanying statement left the timing of any rate cut in doubt, and Fed officials underscored their concern that the first months of 2024 have done little to build the confidence they seek in falling inflation.
Recent indicators suggest that economic activity has continued to expand at a [solid] pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee's 2 percent inflation objective.
The Committee seeks to achieve […] inflation goals that have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.
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