Fed Interest Rate Decision July 2024 Update Kira Randee The federal funds rate and the FOMC hiked interest rates to try to bring down those spiraling consumer prices That effort was largely successful, so by mid-2024 the Fed decided to reverse interest rate cut in September 2024 Fed Chair Jerome Powell said in July that a 50 basis point rate cut was unlikely for September Why the Fed will (probably) only cut interest rates by 25
Fed Interest Rate Decision July 2024 Update Kira Randee To combat rising prices, the fed funds rate was raised 11 times between March 2022 and July 2023 The FOMC has met five times so far in 2024 but declined to change rates each time The Federal Reserve has three policy meetings left in 2024 Investors expect the central bank to enact its first cut of this interest rate cycle at end of the year Fed policymakers typically They may fluctuate (up or down) as the Fed rate changes CNBC Select will update as changes are made public Despite the halt in interest rate hikes, high-yield savings accounts still offer around Record low interest rates and Since lenders have priced in the rate drop, there's no reason to believe the cost of a home loan is likely to decline sharply if the Fed acts as anticipated
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