Federal Reserve chair Jay Powell sent his clearest signal yet on Wednesday that the US central bank was done with two years of tightening monetary policy and would begin cutting rates in 2024, sending Wall Street to new records as investors celebrated the prospects of lower borrowing costs.
The Fed held interest rates at a 22-year high, but the decision came alongside new forecasts from central bank officials pointing to 75 basis points worth of cuts next year — a more dovish outlook for rates than in previous projections.
Powell’s comments after the Fed’s decision also pointed to a switch in tone from the bank. The benchmark rate was now “likely at or near its peak for this tightening cycle”, he said.
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