Fed freezes key interest rate for 7th straight time, forecasts one rate cut this year
The US Federal Reserve on Wednesday held its benchmark lending rate steady for a seventh consecutive time and projected one rate cut later this year as it noted "modest further progress" towards its 2 percent inflation target. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to maintain the rate in the 5.25 to 5.50 percent range, a 23-year high. The decision came hours after new data showed inflation eased slightly last month. FOMC member
June 13, 2024