LIVEThe Federal Open Market Committee (FOMC) just met on May 1st, 2024. Here's a quick rundown of their decision:
Interest Rates Held Steady: The FOMC decided to keep interest rates unchanged at the current target range of 5.25% to 5.5%. This marks the sixth consecutive meeting where rates haven't been adjusted.
Inflation Concerns: Recent higher-than-expected inflation data has caused the Fed to be cautious about reducing rates.
Future Rate Cuts Possible: While rates weren't lowered, some FOMC members might still be considering reductions later in 2024, depending on economic data.
Powell's Press Conference: Chair Jerome Powell's press conference following the meeting will likely provide more clues about the Fed's future plans for interest rates.
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