2024-08-01 08:53:07
“Inflation still somewhat high, but further progress is being made”
The U.S. Federal Reserve has frozen its benchmark interest rate for the eighth consecutive session.
According to CNBC and other sources on the 31st (local time), the Federal Reserve maintained its benchmark interest rate at 5.25-5.50%.
The Fed cautioned that there is room for future rate cuts as inflation approaches its target, but there are no clear signs that a rate cut is imminent.
Although there has been progress in the economic situation, the committee maintained its expression of ongoing concerns and maintained its judgment that further progress is needed before a rate cut can be made.
“We judge that risks to the achievement of our employment and inflation goals are continuing to move toward a better balance,” the Fed said in a statement released after the Federal Open Market Committee (FOMC) meeting.
“Inflation has moderated over the past year but remains somewhat elevated,” it continued, noting that “there has been further progress toward the Committee’s 2 percent inflation target in recent months.”
The previous statement said there had been “moderate” progress in reducing price pressures and that inflation remained “high” rather than “rather high.”
He said he was “mindful” of the risks posed by both full employment and low inflation, dropping the word “very” from his June statement.
The market expects the Fed to cut rates at its September FOMC meeting, but the Fed has been cautious.
“We do not anticipate that reducing the target range would be appropriate until we are confident that inflation is moving on a sustainable basis toward 2 percent,” the Fed said in a statement.
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2024-08-01 08:53:07