Market Updates
Fed Pauses Rate-Cut Cycle Citing Elevated Inflation
Brian Turner
29 Jan, 2025
Washington, D.C.
The Federal Reserve held rates steady after cutting rates after three meetings in a row, and the fed funds rate range was left unrevised between 4.25% and 4.50% at the end of a two-day meeting today.
The U.S. economy has been growing at a healthy clip over the last four years; labor market conditions have moderated, but employers are still adding jobs at a healthy clip.
Moreover, wages are still rising at a faster pace than overall inflation, driving an increase in real consumer income and supporting the increase in consumer spending.
However, the U.S. economy is likely to face higher inflation, largely driven by looming Trump tariffs and labor shortages created by the nationwide crackdown on illegal immigrants.
Persistent inflation in the service sector is also adding pressures to inflationary forces.
In addition, chaotic presidential administration and weak cabinet appointments are likely to negatively impact consumer confidence and support possible federal government shutdowns in the months ahead.
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