Market Updates
Federal Reserve Holds Rates Steady, Leaves Door Open for Future Rate Cuts
Brian Turner
31 Jan, 2024
New York City
The Federal Reserve held rates steady for the fourth time in a row at a 23-year high between 5.25% and 5.50% and reiterated its data-dependent hawkish stance.
In an unanimous decision, all twelve members of the monetary policy committee voted to hold rates steady.
The Federal Reserve pushed back against those looking for immediate rate cuts but left a door open for future rate cuts, briefly sending market indexes lower.
"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," highlighted the accompanying statement released by the Fed.
Treasury yields inched lower after the rate announcement, as the Federal Reserve stressed that it is not ready to lower interest rates until more solid evidence emerges that indicates inflation is on a sustained path towards its target rate of 2%.
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