"Powell Briefs on Interest Rate Meeting Amid Slowing Inflation"

The Federal Reserve officials indicated their intention to proceed with three interest rate cuts in 2024 despite higher-than-expected inflation, but they anticipate fewer cuts in 2025 and slightly raised their inflation forecasts. Chair Jerome Powell emphasized the uncertainty surrounding the path forward, noting that while inflation has cooled, ongoing progress is not assured. The policymakers foresee a healthy job market and economy alongside gradually cooling inflation, and they expect their benchmark rate to be higher in the future to keep inflation in check while sustaining economic growth.