Fed Holds Rates Steady, Most Officials See Three Rate Cuts in 2024 to Bring Inflation to Target

At March meeting, Fed kept rates at 5.25%-5.5%; most FOMC members project 3 rate cuts in 2024.

Goolsbee says 3 rate cuts in line with his thinking, but projections not forward guidance.

Inflation higher than wanted in Jan/Feb but follows good stretch; doesn't change overall story of getting to 2% target.

Housing inflation main puzzle in getting to target; has missed there.

Wants decisions on rates and balance sheet runoff on separate tracks; slowing runoff not same as ultimate balance sheet size.