In a broadly expected move, Federal Reserve officials left interest rates unchanged on Wednesday, but with inflation fading, their predictions for next year were optimistic. The suggestion of three rate cuts on the menu in 2024 left Wall Street salivating, with the Dow closing at a record high.
“Inflation has eased from its highs, and this has come without a significant increase in unemployment. That’s very good news,” Fed Chair Jerome Powell told reporters at a press conference after the December Federal Open Market Committee meeting. “We are likely at or near the peak rate for this cycle,” he added.
