Federal Reserve Maintains Interest Rates at a 22-year High Following Job Market and Inflation Update
Wednesday, 20 March 2024, 18:00
Federal Reserve Maintains Interest Rates
A committee of Federal Reserve officials voted to keep interest rates at a 22-year high after unexpectedly high job gains and inflation delayed likely plans for rate cuts.
The Federal Open Market Committee (FOMC) Decision
- The FOMC voted unanimously to hold rates steady.
The central bank is not yet confident that inflation is on pace to reach its target annual rate of 2 percent.
Job Market and Inflation Updates
- Inflation peaked at a 40-year high of 9.1 percent in June 2022.
- The U.S. economy added 275,000 jobs last month.
- Economists are now looking to the central bank’s June meeting for potential rate adjustments.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.