Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Fed leaves rates unchanged, says three cuts still planned By: FOX Business March 20, 2024 at 14:06 PM EDT The Federal Reserve's decision on Wednesday, which was widely expected, keeps the federal funds rate between a range of 5.25% to 5.5%, a 22-year-high. The Federal Reserve left interest rates unchanged at its March meeting for the fifth straight time as inflation remains high for many Americans. Policymakers also clarified that plans to cut rates may be pushed out further but remained committed to three cuts this year. "The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks," policymakers noted in a statement. The decision, which was widely expected, keeps the federal funds rate between a range of 5.25% to 5.5%, a 22-year-high. This will also keep rates for mortgages, loans and credit cards at elevated levels. The CME’s FedWatch Tool, had expected as many as six rate cuts at the start of the year, but now with three baked in, the Federal funds rate would be at 4.6% by year's end. CONSUMER INFLATION HOTTER THAN EXPECTED IN FEBRUARYInflation has not subsided as quickly as policymakers had expected. In February, consumer prices on an annual basis rose 3.2%, above economists' projections, with prices for items like rent, beef and juices and drinks rising 5.8%, 9.2% and 27%, respectively. A separate report showed that producer prices rose 1.6% last month on an annual basis, also more than expected.While consumer inflation is down from its peak of 9.1%, it remains above the Fed's 2% mandate. U.S. NATIONAL DEBT TRACKEROil prices have also started to tick up, with West Texas Intermediate crude hovering above $80 per barrel, while Brent prices, the global benchmark, are near $86 a barrel. Last week, Treasury Secretary Janet Yellen said in an exclusive interview with FOX Business that she regretted prior comments characterizing inflation as being "transitory" and while she noted prices are easing, the decline may not be "smooth." YELLEN: INFLATION DECLINE MAY NOT BE SMOOTHFOX Business' Megan Henney contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Fed leaves rates unchanged, says three cuts still planned By: FOX Business March 20, 2024 at 14:06 PM EDT The Federal Reserve's decision on Wednesday, which was widely expected, keeps the federal funds rate between a range of 5.25% to 5.5%, a 22-year-high. The Federal Reserve left interest rates unchanged at its March meeting for the fifth straight time as inflation remains high for many Americans. Policymakers also clarified that plans to cut rates may be pushed out further but remained committed to three cuts this year. "The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks," policymakers noted in a statement. The decision, which was widely expected, keeps the federal funds rate between a range of 5.25% to 5.5%, a 22-year-high. This will also keep rates for mortgages, loans and credit cards at elevated levels. The CME’s FedWatch Tool, had expected as many as six rate cuts at the start of the year, but now with three baked in, the Federal funds rate would be at 4.6% by year's end. CONSUMER INFLATION HOTTER THAN EXPECTED IN FEBRUARYInflation has not subsided as quickly as policymakers had expected. In February, consumer prices on an annual basis rose 3.2%, above economists' projections, with prices for items like rent, beef and juices and drinks rising 5.8%, 9.2% and 27%, respectively. A separate report showed that producer prices rose 1.6% last month on an annual basis, also more than expected.While consumer inflation is down from its peak of 9.1%, it remains above the Fed's 2% mandate. U.S. NATIONAL DEBT TRACKEROil prices have also started to tick up, with West Texas Intermediate crude hovering above $80 per barrel, while Brent prices, the global benchmark, are near $86 a barrel. Last week, Treasury Secretary Janet Yellen said in an exclusive interview with FOX Business that she regretted prior comments characterizing inflation as being "transitory" and while she noted prices are easing, the decline may not be "smooth." YELLEN: INFLATION DECLINE MAY NOT BE SMOOTHFOX Business' Megan Henney contributed to this report.
