The U.S. Federal Reserve held rates steady, but indicated it still expects one more hike before the end of the year and fewer cuts than previously indicated next year.
Fed leaves rates unchanged, expects one more hike this yearat the conclusion of its two-day meeting Wednesday.
However, the central bank signaled it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. The final increase, if realized, would be the last in this cycle, according to the Fed's projections.Notable shift in interest rate markets pushes out first 2024 rate cut by Fed
The probability that the Fed will cut interest rates early in 2024 is seen as increasingly unlikely, based on 30-Day Fed Funds futures pricing data in theOne month ago, the chance that the Fed would cut a quarter point to 5.0-5.25% in January stood at more than 21% — today it's less than 1%. One month ago, the odds of a quarter point reduction by the March 2024 meeting were 34.2% and the chance of a half-point reduction was 10.2%. Today, pricing data shows those odds have fallen to 9.5% and 0.1%, respectively.joined the other two major indexes in trading at sessions lows as Federal Reserve Chair Powell spoke. It has been a mainly positive day, with the session low still placing the blue-chip average around 0.1% up on the day.
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