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No Rate Cuts In June And Only One Expected In 2024

The Federal Open Market Committee (FOMC) did not announce any federal fund rate cuts at its June meeting, which concluded Wednesday afternoon.

The decision to keep interest rates in the 5.25%-to-5.5% range was expected — even though the Consumer Price Index (CPI) report for May showed inflation rates dropping more than expected. Rates have been in that range since July 2023.

The FOMC also released its quarterly summary of projections (SEP) or dot plot, which shows the consensus is now at only one interest-rate cut this year.

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