Posted 3/20/2024, 9:51:00 PM
Fed Still Plans Rate Cuts By 2024 But Sees Higher Long-Term Rates Due To Stronger Economy
- Federal Reserve still expects to cut interest rates 3 times in 2024, but sees rates as higher in long term
- Fed updating projections due to stronger growth and inflation persisting longer than expected
- Financial markets rallied on Fed's message keeping rates same for now but still planning cuts
- Fed expects inflation to cool gradually, though core inflation to still be 2.6% by end of 2024
- Rate cuts aim to lower costs for loans and could aid President Biden’s re-election bid