US Federal Reserve officials have signalled that they expect to cut interest rates just once this year, taking a hawkish stance on inflation as they held borrowing costs at a 23-year high.
Updated forecasts on Wednesday showed the Fed’s median rate-setter anticipated making one quarter-point cut this year, surprising traders who had priced in two cuts prior to the report. The central bank held rates at 5.25 to 5.5 per cent.
The new predictions marked a significant change from the Federal Open Market Committee’s last “dot plot” in March, when officials signalled three cuts this year — and showed lingering concerns that inflation remains above the Fed’s 2 per cent target.
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