The Federal Reserve held interest rates at a 23-year high Wednesday while scaling back its estimate of rate cuts expected this year to 1.
The Federal Reserve held interest rates at a 23-year high Wednesday while scaling back its estimate of rate cuts this year to one from three previously.
The Fed forecast for the number of cuts officials expected next year was boosted, with officials now expecting that four additional rate cuts will be needed next year. That is up from the three expected in March. "The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," the statement read.
The year-over-year change in "core" CPI — which excludes volatile food and energy prices the Fed can’t control — was 3.4% compared with 3.6% in April and 3.8% in March. They also raised their outlook for the neutral rate – the rate that neither boosts or slows growth – to 2.8% from 2.6% previously.Traffic resumes through Baltimore's busy port after $100M cleanup of collapsed bridge
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