Federal Reserve officials will lower interest rates this month for a third straight time and pare back the number of rate cuts they anticipate next year, according to economists surveyed by Bloomberg News.
Catarina Saraiva and Dana MorganKarl Schamotta, chief market strategist of Corpay and Jan Nevruzi, U.S. rates strategist of TD Securities, talks about the U.S. inflation rate picking up speed
Rate cuts are seen slowing next year by more than officials projected three months ago, with a majority of economists predicting just three reductions in 2025 amid less progress on cooling inflation down toward the central bank’s 2% target. Forecasts for the US economy and monetary policy have changed markedly from just a few months ago, when concern about a weakening labor market had many economists predicting a more aggressive path of rate reductions in 2025.
Without additional progress toward the central bank’s goal, policymakers may have to keep interest rates at higher levels to bring inflation down further. Economists expect Fed officials to mark up their forecasts for price growth slightly in 2025 while continuing to see 2% inflation in 2026. Economists don’t see much change to key parts of the post-meeting statement this time. A large majority of them see Fed officials keeping their current characterization of inflation as somewhat elevated and unemployment as low.
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