Federal Reserve Still Sees 3 Rate Cuts In 2024 But Holds Rates Steady For Now

March 20, 2024 Dees Stribling, Bisnow National 

The Federal Open Market Committee on Wednesday didn't budge on interest rates, noting that it “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 central bank said in a statement.

Nine FOMC members said they believe three interest rate cuts this year are appropriate, in line with what the committee indicated in December. Five other members indicated that two cuts would be the correct course, according to materials released by the Federal Reserve Wednesday.