Fed holds rates steady and maintains three cuts coming sometime this year
Source: CNBC
Published Wed, Mar 20 2024 2:00 PM EDT Updated Moments Ago
The Federal Reserve on Wednesday held interest rates steady as expected and signaled it still plans multiple cuts before the end of the year.
Following its two-day policy meeting, the central bank’s rate-setting Federal Open Market Committee said it will keep its benchmark overnight borrowing rate in a range between 5.25%-5.5%, where it has held since July 2023.
Along with the decision, Fed officials penciled in three quarter-percentage point cuts by the end of 2024, which would be the first reductions since the early days of the Covid pandemic in March 2020. The current federal funds rate level is the highest in more than 23 years. The rate sets what banks charge each other for overnight lending but feeds through to many forms of consumer debt.
The outlook for three cuts came from the Fed’s “dot plot,” a closely watched matrix of anonymous projections from the 19 officials who comprise the FOMC. The chart provides no indication for the timing of the moves.
Read more: https://www.cnbc.com/2024/03/20/fed-meeting-march-2024-.html
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and of course money market or high yield savings accounts are a safe place to save money during high interest rates.
The stock market ignored Trump's bloviating about economic doom and despair. 
39,512 & the S&P also had a record close at 5,225.
They are overdue for a 10% correction so I'm hoping that doesn't happen right before the election. 
