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Federal Reserve does not expect interest rate cuts this year
According to minutes released on Wednesday from the central bank’s December meeting, the Federal Reserve officials are committed to fighting inflation and expect higher interest rates to remain in place until more progress is made.
Also, the policymakers raised their key interest rate another half a percentage point and expressed the importance of keeping restrictive policy in place while inflation holds unacceptably high. The Federal Open Market Committee minutes reflected those sentiments, noting that no FOMC members expect rate cuts in 2023, despite market pricing.
Also, the Fed officials stated they would focus on data as they move forward and see “the need to retain flexibility and optionality” regarding policy.
Following the meeting, officials further cautioned that the public shouldn’t read too much into the rate-setting Federal Open Market Committee’s move to step down the pace of increases.
Meanwhile, Fed Chairman Jerome Powell indicated that while there has been some progress made in the battle against inflation, he saw only halting signs and expects rates to hold at higher levels even after the increases cease.
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