The Federal Reserve on Wednesday engineered a hawkish pause, holding interest rates steady while indicating a majority of officials expect one more quarter-point interest rate hike before the end of the year.
At the same time, the Fed sent a clear message that interest rates were expected to be “higher for longer” by cutting its forecast for rate cuts in 2024 from four to two. As a result, officials see their benchmark rate rate still slightly above 5% by the end of next year.
“The…
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