Federal Reserve Keeps Interest Rates Steady, Signals Possible Cuts in 2024

On December 13, the Federal Reserve Board voted to keep the federal funds rate in the range of 5.25% and 5.5%, a 22-year high. The Fed’s post meeting statement was adjusted to reflect slowing economic activity and easing inflation. At a press conference, Federal Reserve Chair Jerome Powell emphasized that the decision of future rate cuts or raises is dependent on the continued progress of inflation.

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