Federal Reserve Chair Jerome Powell confirmed Wednesday that the central bank is pushing back its plans for rate cuts as inflation plateaus well above the bank’s target. The Federal Open Markets Committee (FOMC), the central bank committee tasked with setting monetary policy, voted Wednesday to keep the federal funds rate at a range of 5.25…
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Most Federal Reserve officials cautioned against cutting rates too quickly at their last policy meeting as they continue to look for convincing evidence that inflation is returning to their 2% target.
WASHINGTON (Reuters) -The bulk of policymakers at the Federal Reserve's last meeting were concerned about the risks of cutting interest rates too soon, with broad uncertainty about how long borrowing costs should remain at their current level, according to the minutes of the Jan. 30-31 session. "Participants highlighted the uncertainty associated with how long a restrictive monetary policy stance would need to be maintained" to return inflation to the U.S. central bank's 2% target, said the minutes, which were released on Wednesday. U.S. Treasury yields rose.
Most Federal Reserve officials cautioned against cutting rates too quickly at their last policy meeting as they continue to look for convincing evidence that inflation is returning to their 2% target.