June 2024 Fed Meeting: Fed Maintains Current Policy Rate, Sees Only One Rate Cut In 2024 | J.P. Morgan (2024)


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June 2024 Fed Meeting: Fed Maintains Current Policy Rate, Sees Only One Rate Cut In 2024 | J.P. Morgan (2024)

FAQs

June 2024 Fed Meeting: Fed Maintains Current Policy Rate, Sees Only One Rate Cut In 2024 | J.P. Morgan? ›

Economic outlook June 2024 Fed meeting: Fed maintains current policy rate and sees only one rate cut in 2024. During its June meeting, the Federal Reserve (Fed) unanimously voted to hold policy rates steady for the seventh consecutive time, leaving the Fed Funds Target Rate unchanged at 5.25% to 5.50%.

Did the Fed cut rates in June 2024? ›

The Federal Reserve announced at its June 2024 Federal Open Market Committee (FOMC) meeting that it would maintain the overnight federal funds rate at the current range of 5.25% to 5.5%.

What was the result of the Fed meeting in 2024? ›

Did the Fed Raise Interest Rates in July 2024? No, the Fed once again held interest rates steady at 5.25%-5.50% during its July, 2024 FOMC meeting.16 Rates have been steady at this level for a year, since July 2023.

What is the dot plot for June 2024? ›

The June 2024 Fed Dot Plot

Each dot represents the opinion of one FOMC member. For example, as shown in Figure 1, seven FOMC members are projecting a yearend 2024 fed funds rate of 5.00%-5.25%, and eight are projecting a range of 4.75% to 5.00%.

What is the Fed effective rate in 2024? ›

Effective Federal Funds Rate (EFFR)
2024-08-07:5.33
2024-08-06:5.33
2024-08-05:5.33
2024-08-02:5.33
2024-08-01:5.33
1 more row

What is the rate prediction for 2024? ›

Mortgage rate predictions 2024

The MBA forecast suggests that 30-year mortgage rates will fall to the 6.6% by the end of 2024, while Fannie Mae and NAR predict rates will end the year around 6.7%. However, current mortgage rates are already technically below these levels.

What is the inflation rate in June 2024? ›

The index for all items less food and energy rose 0.1 percent in June, after rising 0.2 percent the preceding month. Indexes which increased in June include shelter, motor vehicle insurance, household furnishings and operations, medical care, and personal care.

What happens when the Fed cuts rates? ›

The Fed cuts rates in order to stimulate the economy. Lower interest rates mean money is easier to borrow and flows more freely in the economy. That's antithetical to what a recession is.

What date is the next Fed interest rate decision? ›

United States Federal Reserve Interest Rate Decision
Release DateActualPrevious
Dec 18, 2024
Nov 07, 2024
Sep 18, 20245.50%
Jul 31, 20245.50%5.50%
2 more rows

What is the Fed interest rate decision for March 2024? ›

Contributors. The Federal Reserve (Fed) announced at its March 2024 meeting that it would maintain the overnight federal funds rate at the current range of 5.25% to 5.5%.

What is the PCE prediction for June? ›

June PCE Report Forecast Highlights

Core PCE is forecast to rise 0.10% in June after rising by 0.08% in May. The PCE Price Index year over year is forecast to rise to 2.5% in June after increasing 2.6% in May.

What is the Fed rate cut in 2026? ›

The Federal Reserve sees fewer rate cuts this year, but still see rates hitting 3.1% by the end of 2026, the same level they forecast in March. According to the latest projections, Fed officials see one quarter-point rate cut this year, down from three in March.

What will the Fed rate cut in 2025? ›

Analysts at Citi have predicted that the U.S. Federal Reserve could slash interest rates by 200 basis points in its next eight meetings through the summer of 2025 as the U.S. economy cools down.

Will interest rates go down in 2024? ›

The next cash rate decision is on 24 September 2024. Official interest rates will come down when inflation reaches the RBA target band of 2% to 3%, most likely in late 2024 to early 2025. Inflation is broadly tracking with the RBA's CPI forecast.

What is the current inflation rate in May 2024? ›

The consumer price index declined to a 3.3% annual rate, down from 3.4% in April.

What's the prime rate today? ›

The current Bank of America, N.A. prime rate is 8.50% (rate effective as of July 27, 2023).

What is the interest rate in July 2024? ›

Recent data
Date*Target (%)Change (%)
July 24, 20244.50-0.25
June 5, 20244.75-0.25
April 10, 20245.00---
March 6, 20245.00---
8 more rows

When would the next rate cut be? ›

Some Wall Street analysts still forecast multiple rate cuts in 2024, which they predict will kick off with the September meeting. Earlier this year, the Fed had projected just one reduction this year.

What is the Fed interest rate decision in July? ›

The Fed is expected to hold its benchmark interest rate steady in the 5.25%-5.50% range at its July 30-31 meeting, but its new policy statement may also change the descriptions of the economy and outlook to lay the groundwork for a rate cut in September.

What is the FOMC rate in June? ›

After implementing 525 basis points of interest rate hikes since early 2022, the FOMC elected to hold the federal funds rate window at 5.25 – 5.50% again in June.

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