Fed hints at rate cut as inflation nears 2% target, keeps rates steady at 5.25% - 5.50%
Wednesday, 31 July 2024
The Federal Reserve indicated progress towards its 2% inflation target and hinted at a potential rate cut. Despite the rise in unemployment and moderated job gains, the benchmark interest rate was kept unchanged. This decision came amid pressure from various quarters, including political figures. Financial markets had anticipated a rate cut announcement next month.
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