Federal Reserve Holds Rates Steady, Signals Cut in September
Fed policymakers have observed ’some' progress in inflation in recent months.
Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting at the William McChesney Martin Jr. Federal Reserve Board Building in Washington on July 31, 2024. Andrew Harnik/Getty Images
The Federal Reserve is inching closer to cutting interest rates, signaling a rate reduction as soon as September if inflation continues trending downward and the labor market remains solid.
Meanwhile, Fed officials left the policy rate unchanged at a 23-year high of 5.5 percent following the two-day policy meeting that concluded on July 31.
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
