The Federal Reserve is set to reduce U.S. short-term borrowing costs on Wednesday, marking a significant shift after more than two years of battling high inflation. The central bank is expected to lower its key rate by either a quarter-point to 5.00%-5.25% or a half-point to 4.75%-5.00%, following a series of hikes that totaled 5.25 … Read more
U.S. prices were unchanged in May while consumer spending rose moderately, a trend that could draw the Federal Reserve closer to start cutting interest rates this year. The flat reading in the personal consumption expenditures (PCE) price index last month followed an unrevised 0.3% gain in April, the Commerce Department’s Bureau of Economic Analysis said … Read more
The Federal Reserve held interest rates steady on Wednesday, but policymakers indicated they still expect to reduce them by three-quarters of a percentage point by the end of 2024 despite stodgier expected progress towards the U.S. central bank’s 2% inflation target. The Fed’s new policy statement described inflation as remaining “elevated,” and updated quarterly economic … Read more
