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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Federal Reserve Expects Rate Cut Once in 2024


Wed 19 Jun 2024 | 02:29 AM
Taarek Refaat

Philadelphia Federal Reserve Bank President Patrick Harker said that the bank will be able to cut interest rates once this year if its economic forecasts came with expectations.

Commenting on the positive numbers issued last week regarding inflation, Harker said that the decline in consumer prices is welcome, but the decline in the inflation rate is modest and slow and we must wait to analyze more data to ensure that it is heading toward the Federal Reserve’s 2% target.

Minneapolis Federal Reserve President Neel Kashkari said yesterday that it is true that the US central bank to cut interest rates only once this year, and that is expected to be at the end of the year, during the December meeting.

He stressed the importance of obtaining more economic evidence regarding the decline in inflation and its direction towards the target of 2%.

It is noteworthy that the Federal Reserve fixed interest rates at its meeting last week at a range ranging from 5.25% to 5.5%, keeping it at these levels, for the seventh meeting in a row.