For a third straight time, the U.S. Federal Reserve kept its key interest rate unchanged Wednesday, as it signalled its expectations to make a series of quarter-point cuts to the benchmark interest rate next year.
Those envisioned rate cuts — which wouldn’t likely begin until the second half of 2024 — suggest officials think high borrowing rates will still be needed for much of next year to further slow spending and inflation.
The unchanged rate is also a sign that the Fed is likely done with raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation.
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