"Despite Stronger Economy, Fed Maintains Expectation for Three Rate Cuts in 2024"

The Federal Reserve held interest rates steady but still expects to reduce them by three-quarters of a percentage point by the end of 2024, despite acknowledging "elevated" inflation. The central bank's upgraded economic outlook includes a slightly higher growth projection and a lower unemployment rate for the year. The longer-run policy rate was also raised, reflecting some officials' belief that the economy can support higher interest rates in the future. Fed Chair Jerome Powell will hold a press conference to elaborate on the policy statement and projections.