US Federal Reserve Holds Key Rate Steady and Signals Three Rate Cuts Likely in 2024

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The US Federal Reserve (Fed) decided to keep interest rates unchanged in its last meeting of the year, signaling the likely end of the tightening cycle. The Fed's updated Summary of Economic Projections revealed a more accommodative stance, with a median preference for the fed funds rate to fall to 4.6% by the end of 2024, implying potential rate cuts. The Fed also revised its GDP growth estimates upward for the current year but projected a slowdown in 2024. The inflation outlook showed signs of improvement, with the inflation gauge expected to decline to 2.4% in 2024. Fed Chair Powell stated that interest rates were likely at or near the peak of the tightening cycle and that rate reductions were being discussed within the Fed. Market sentiment improved following the Fed's decision, with s...

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