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WEKU
WEKU
Scott Horsley

Federal Reserve holds interest rates steady, projects three rate cuts later this year

US Federal Reserve Interest Rates the Federal Reserve Committee
Federal Reserve Bank Chair Jerome Powell speaks during a news conference on March 20, 2024 in Washington, DC. Following a meeting of the Federal Open Markets Committee, Powell announced that the Fed left interest rates unchanged, but projects it may cut rates three times later this year. (Chip Somodevilla/Getty Images)

The Federal Reserve held interest rates steady on Wednesday, but policymakers signaled they still expect to start cutting rates later this year.

Updated forecasts from members of the Fed's rate-setting committee show an average of three quarter-point rate cuts in 2024 — similar to what policymakers were projecting in December.

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