Posted 12/13/2023, 7:10:00 PM
Fed Holds Rates Steady But Lowers 2024 Outlook, Trims Growth and Inflation Forecasts While Warning of Economic Slowdown
- The Fed held its benchmark rate steady at 5.25%-5.50% but trimmed its 2024 rate outlook to 4.6% from 5.1%
- Fed says tighter conditions "likely to weigh on economic activity, hiring, and inflation"
- Quarterly projections revised down 2023 core inflation now seen at 3.2%, 2024 at 2.4%
- 2024 GDP growth forecast cut to 1.4% from 1.5%
- Bitcoin price adds just under 1% to previous gains, now 2.2% higher at $42,370