The Federal Reserve lowered its benchmark interest rate by a quarter of a percentage point, marking its third consecutive cut. However, the central bank indicated a slower pace of rate reductions in 2024 as it aims to control inflation.
US Fed eral Reserve chairman Jerome Powell: The Central bank cut its benchmark interest rate by a quarter of a percentage point but signalled a slower pace of easing next year as it seeks to bring inflation fully under control. Photograph: Jeenah Moon/The New York Times)The Fed eral Reserve cut its benchmark interest rate by a quarter of a percentage point but signalled a slower pace of easing next year as it seeks to bring inflation fully under control.
Most saw the policy rate falling to 3.25-3.5 per cent by the end of 2026, also higher than in the forecast from three months prior. In a sign that the Fed is preparing to skip rate cuts at forthcoming meetings, the FOMC amended its language regarding future changes to its policy settings in a statement on Wednesday.
The core personal consumption expenditures price index, the Fed’s preferred inflation gauge that strips out food and energy prices, rose at an annual rate of 2.8 per cent in October.
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