No Hike, No Cut…Fed Prefers Interest Rates Right Where They Are

Interest rates are staying where they are.

The Federal Reserve is leaving them unchanged.

The decision by the Federal Reserve Open Market Committee on Wednesday May 1st 2024  comes as Federal Reserve Chairman Jerome Powell stated he wants to be more confident inflation is coming down before cutting interest rates.

Inflation is still running at nearly 3 and a half percent, and The Fed says its goal is to  get inflation down to two percent.

Interest rates have remained at their highest level in more than two decades since July of 2023 when The Fed started a series of rate hikes.

Any hint of an interest rate cut could come in late 2024.

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, May 1, 2024. (AP Photo/Susan Walsh) used locally May 1st 2024

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