The Federal Open Market Committee (FOMC) agreed to maintain the current target range for the federal funds rate between 5.25 to 5.5 percent during its two-day meeting that ended Wednesday.
The committee’s statement noted the “economic outlook is uncertain” and the committee “remains highly attentive to inflation risks.” However, the committee “judges that the risks to achieving its employment and inflation goals are moving into better balance.”
“The FOMC narrowly retained its projection for three rate cuts in 2024. Given the array of mixed data at present, including solid overall growth, an upward drift to unemployment, warming inflation, and concerns that faulty seasonal adjustments could be tainting all the above, the FOMC is keeping its options open. A June rate cut is possible, but it will hinge on the next two inflation prints,” said America’s Credit Unions’ Curt Long.
The FOMC will next meet Apr. 30 and May 1.
