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PremiumUS Fed Meet Live Updates: The US Federal Reserve will announce its interest rate decision on Wednesday after a two-day Federal Open Market Committee (FOMC) meeting. Wall Street analysts widely expect the US central bank to leave the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent for the eighth straight meeting today.
The rate-setting panel ended its fourth policy-setting meeting of the year on June 12 and unanimously voted to hold the policy rate at the two decade high-mark and foresees only rate cut in 2024. The projections on rate cuts are data dependent. Fed policymakers frequently revise their plans for rate hikes or cuts, depending on how economic growth and inflation evolve over time. The Fed raised the US core inflation forecast for 2024 and held GDP projections at the previous levels.
After raising the policy rate by 5.25 percentage points since March of 2022 in one of the swiftest Fed reactions to rising price pressures, the central bank has now kept the policy rate on hold since July 2023 to anchor in high inflation and bring it down consistently toward the two per cent target range.
Powell-led FOMC to deliver policy decision today
