The Federal Reserve is scheduled to disclose its interest rate decision on Wednesday, unveiling its most recent action in a prolonged effort to reduce inflationary pressures.
The decision comes around one week after recent inflation data revealed a little increase in February, indicating a setback in efforts to control rising costs.
“They’ll clarify that they’re not ready to cut rates. They need a few more data points to feel confident that inflation is heading back to target,” said Mark Zandi, chief economist at Moody’s Analytics. “I expect them to reaffirm three rate cuts this year, which would suggest the first rate cut would be in June.”
Although the inflation rate has substantially declined from its highest point of 9.1%, it still exceeds the Federal Reserve’s desired target rate of 2% by more than one percentage point.
The Federal Reserve is expected to maintain the current interest rates at its upcoming meeting on Wednesday, keeping borrowing expenses at their range of 5.25% to 5.5%, the highest level since 2001.
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