The Fed is now projecting just one rate cut in 2024 after indicating three cuts would be likely as recently as March

The Federal Reserve Open Market Committee (FOMC) once again elected to hold rates steady. As a result, the Fed’s benchmark federal funds target rate will remain between 5.25% and 5.5%, as it has since July of 2023. Overall, the Fed has elected to hold rates steady for seven straight meetings.

In a dot-plot released in conjunction with the rate decision, the Federal Reserve signaled just one rate cut is likely in 2024, as opposed to the three cuts they predicted in March and at the end of 2023.