Fed Affirms Interest Rate Cut Plans Despite Stubborn Inflation

• The Fed left interest rate cut forecasts unchanged, predicting 3 cuts by end of 2024 • Powell said the inflation story "hasn't really changed" despite recent data • He expects a "bumpy road" for inflation moving gradually down to 2% target • Investors welcomed Fed affirming rate cut plans, driving stocks to record highs • Between now and June, monthly inflation data matters less; cuts still coming