Federal Reserve officials recently left interest rates unchanged and forecast a decrease in borrowing costs by the end of the year as inflation eases. Rates are being held at 5.3%, having remained steady since July 2023. After battling inflation for nearly two years, they are not quite ready to dismiss inflation entirely, and are therefore keeping rates at a higher level in an effort to weigh on inflation. Alongside this decision, policymakers released their quarterly economic estimates, which project that borrowing costs will be at 4.6% by the end of 2024. This suggests that policymakers will still likely make three quarter-point rate cuts this year. A recent New York Times article reported that the goal of these decisions is to ensure that inflation cools down to a normal level without an economic slowdown. With higher interest rates, the goal is to bring price increases under control while also trying to…
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