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Federal Reserve Holds Rates Steady Amidst Lack of Progress Toward 2% Inflation Target

The Federal Reserve noted a “lack of further progress” toward lowering inflation down to its 2% target. This decision keeps the central bank’s key rate at its highest point in over two decades, remaining steady at between 5.25% and 5.5%. In January, investors were forecasting as many as six quarter-point rate cuts in 2024, but they have since moderated those expectations.