Headline Roundup • June 12th, 2024
Fed Holds Interest Rates Steady, Signals One Cut in 2024
Banking And Finance,Economy And Jobs,Business,Federal Reserve,Interest Rates,Jerome Powell,Inflation,Polarization
Summary from the AllSides News Team
The Federal Reserve held interest rates steady again on Wednesday and signaled just one rate cut later this year.
For Context: Consumer inflation cooled slightly in May, according to data released Wednesday morning; in a statement explaining its decision, the Fed wrote that “Inflation has eased over the past year but remains elevated,” citing “modest further progress toward the Committee’s 2 percent inflation objective.”
How the Media Covered It: Coverage was common across the spectrum. Business outlets usually highlighted the contrast between the Fed’s decision on future rate cuts and investors’ hopes for more rate cuts. Fox Business (Lean Right bias) stood out by highlighting that “high inflation lingers” — potentially reflecting divided partisan attitudes about the economy ahead of the 2024 presidential election.
Featured Coverage of this Story
Chip Somodevilla/Getty Images
The Federal Reserve said Wednesday it is keeping its benchmark lending rates at their current levels for the seventh time in a row, while signaling fewer rate cuts than previously estimated.
That means borrowing costs on everything from car loans to mortgages will remain elevated.
Officials penciled in just one rate cut this year, according to their latest economic projections, compared to the three they forecast in March. They also expect inflation to be more stubborn this year than they thought in the spring, according to their forecasts.
The Fed has kept interest rates at a 23-year high...
Liu Jie/Xinhua via Getty Images / Getty Images
The Federal Reserve on Wednesday held interest rates steady for the seventh straight time and scaled back the outlook for rate reductions later this year as high inflation lingers.
New quarterly economic projections laid out after the meeting show that a majority of Fed officials who participated expect rates to fall to just 5.1% by the end of 2024, suggesting there will only be one quarter-point rate cut this year – a sharp reversal from the three they had predicted in March.
In their post-meeting statement, policymakers left the door open to...
Federal Reserve Bank of New York
The Federal Reserve on Wednesday kept its key interest rate unchanged and signaled that just one cut is expected before the end of the year.
With markets hoping for a more accommodative central bank, Federal Open Market Committee policymakers following their two-day meeting took two rate reductions off the table from the three indicated in March. The committee also signaled that it believes the long-run interest rate is higher than previously indicated.
New forecasts released after this week’s two-day meeting indicated only slight optimism that inflation remains on track to...
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