US Fed Meeting Highlights: The US Federal Reserve announced its first policy decision for 2024 after a two-day Federal Open Market Committee (FOMC) meeting today and voted unanimously to hold the benchmark interest rates unchanged at 4.25 – 4.50 per cent, broadly in line with Wall Street estimates.
The rate pause comes because officials seek further progress on inflation. This is the first interest rate decision of the US central bank since Donald Trump took charge as the 47th US President on January 20. US Fed had lowered the key overnight interest rates by a full percentage point in the final months of 2024.
US Fed chair Jerome Powell-led rate-setting panel conveyed a more deliberate approach to interest rate decisions. “With our policy stance significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” Powell said in a post-policy press conference.
