The Federal Reserve's Federal Open Markets Committee (FOMC) kept its short-term policy interest rate steady at 5.25% to 5.5% for a sixth straight meeting, mentioning the need for greater confidence in inflation moving towards 2% before considering rate reductions.
Despite predictions of three interest rate cuts in 2024, sticky inflation and unemployment below 4% make those cuts less likely, with recent economic data not bolstering the Fed's confidence in declining inflation.
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