Given the current stalled progress on inflation, many analysts expect the Fed’s ‘dot plot’ projection for its benchmark policy rate to show only two quarter-percentage-point rate cuts by the end of this year
The Fed eral Reserve is expected to leave interest rates unchanged on Wednesday, with new economic projections from the U.S. central bank’s policy-makers likely to show fewer rate cuts this year and a delayed start to monetary policy easing.
“Given that inflation remains above target and activity remains robust, the Fed can exercise patience in determining when it would next adjust its policy rate,” Bank of America economists wrote about a meeting they felt would see little change to the central bank’s policy statement or in the guidance Fed Chair Jerome Powell offers in his post-meeting news conference.
But the median could easily tip to only one cut among a nearly evenly divided group of policy-makers. The personal consumption expenditures price index, the Fed’s preferred inflation measure, has declined from a 7.1 per cent peak annual pace in June 2022 to 2.7 per cent as of April. The current policy rate is regarded as restrictive enough to discourage investment and spending and gradually return inflation to the Fed’s target.
Cent Inflation Bank Rate Meeting Powell Policy Joe Brusuelas BNP Paribas CME Group
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