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U.S. Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year

U.S. Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year

The Hindu
Thursday, December 14, 2023 12:44 AM GMT

The U.S. Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts

The U.S. Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.

The Fed’s message Wednesday strongly suggested that it is finished with rate hikes — after the fastest increases in four decades — and is edging closer to cutting rates as early as next summer.

Speaking at a news conference, Chair Jerome Powell said that Fed officials are likely done raising rates because of how steadily inflation has cooled.

"Inflation keeps coming down, the labor market keeps getting back into balance and, it’s so far, so good,” Mr. Powell said after the Fed’s 19-member policy committee ended its latest meeting.

On Wall Street, traders celebrated the prospect of lower rates ahead. Stock prices soared and bond yields sank after the Fed issued its statement and Mr. Powell held his news conference.

Wednesday marked a major shift in the central bank's outlook on interest rates and the economy. Just two weeks ago, Mr. Powell had said it was “premature” to conclude that the Fed has finished raising its key benchmark rate or to “speculate” about cuts in that rate.

But on Wednesday, he signaled that the Fed is almost certainly done raising rates. And he acknowledged that the officials had discussed the prospect of rate reductions in their meeting.

Read full story on The Hindu
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