The Federal Reserve announced an interest rate ceiling of 5%, which was lower than the expected 5.25% and the previous rate of 5.50%. This marks the first rate cut since March 2020.
Nick Timiraos:The median projection has two more 25 bps rate cuts in 2024, for a total of 100 bps this year.Fed governor Miki Bowman dissented in favor of a smaller 25 bps cut. It's the first dissent by a *governor* since 2005.
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