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FED LEAVES RATES UNCHANGED AND SIGNALS THREE CUTS NEXT YEAR
Federal Reserve policymakers left rates unchanged and projected three
quarter-point rate cuts in 2024 as their inflation outlook improved.
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Federal funds target rate
7
%
RECESSIONS
6
No change
5
4
3
2
1
0
2000
’05
’10
’15
’20
20
%
18
16
Federal funds
target rate
14
12
10
RECESSIONS
8
6
No change
4
2
0
1970
’75
’80
’85
’90
’95
2000
’05
’10
’15
’20
20
%
18
Federal funds
target rate
16
14
12
RECESSIONS
10
8
6
No change
4
2
0
1970
’75
’80
’85
’90
’95
2000
’05
’10
’15
’20
20
%
18
Federal funds
target rate
16
14
12
10
RECESSIONS
8
6
No change
4
2
0
1970
’75
’80
’85
’90
’95
2000
’05
’10
’15
’20
Note: The rate since December 2008 is the upper limit of the federal funds
target range.
Source: Federal Reserve
By Karl Russell
By Jeanna Smialek
Dec. 13, 2023Updated 5:39 p.m. ET
Federal Reserve officials left interest rates unchanged in their final policy
decision of 2023 and forecast that they will cut borrowing costs three times in
the coming year, a sign that the central bank is shifting toward the next phase
in its fight against rapid inflation.
Interest rates are set to a range of 5.25 to 5.5 percent, where they have been
since July. After making a rapid series of increases that started in March 2022
and pushed borrowing costs to their highest level in 22 years as of this summer,
officials have held policy steady for three straight meetings.
That patient stance has given policymakers time to assess whether interest rates
are high enough to weigh on the economy and ensure that inflation will slow to
the Fed’s 2 percent target over time — and increasingly, slowing inflation and a
cooling job market have convinced them that policy is in a good place. Jerome H.
Powell, the Fed chair, said during his news conference Wednesday that officials
no longer expected to raise interest rates again.
Subscribe to The Times to read as many articles as you like.
Jeanna Smialek covers the Federal Reserve and the economy for The Times from
Washington. More about Jeanna Smialek
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