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Federal Reserve not expected to budge on interest rates yet as inflation holds its grip

Posted on AllSides April 30th, 2024
From The Left
Jay L. Clendenin / Getty Images file

Consumers will have to be patient as they wait for price increases to meaningfully slow down, economists say. With annual inflation rates stalling above its 2% target, the Federal Reserve was expected to keep its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade. Last month, the consumer price index came in at 3.5% on an annual basis, driven by rising housing costs and insurance rates, especially auto insurance. "We're just a mile a way from the finish line," said Mark...

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https://nbcnews.com/business/economy/federal-reserve-interest-rate-decision-may-2024-what-happens-next-rcna150027

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