#Fed June Rate Decision

The Federal Reserve held interest rates steady at 5.25%-5.50% at its June 12 2024 meeting. This marked the seventh consecutive pause since the last hike in July 2023. Policymakers signaled a more cautious approach projecting just one rate cut for 2024 down from three cuts forecast in March.
Persistent inflation concerns drove the decision. Recent data including May's CPI showing core inflation at 3.3% annually, fell short of the Fed's 2% target. Chair Powell emphasized needing Greater Confidence inflation is sustainably cooling before reducing rates, adopting a Higher for longer stance. Markets reacted negatively to the reduced 2024 cut outlook.