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Fed Indicates Rate Cuts Next Year

The Federal Open Market Committee held benchmark interest rates steady but indicated cuts could be coming next year. In updated economic projections, the Fed reduced its median federal funds rate forecast from 2.6 percent to 2.1 percent, while Fed Chairman Jerome Powell said at a follow-up news conference that many participants see a stronger case for more accommodative monetary policy.

After raising rates four times last year and projecting additional hikes in 2019, the Fed is under increasing pressure from the White House to reduce rates to prolong economic growth amid trade disputes and signs of a global slowdown.

Read FOMC Policy Statement
View Fed’s Economic Projections

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