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March 20 - The Federal Reserve held interest rates steady on Wednesday, but policymakers indicated they still expect to reduce them by three-quarters of a percentage point by the end of 2024 despite stodgier expected progress towards the U.S. central bank's 2% inflation target.
“The other thing of note is although they had said they would have an in-depth discussion of the balance sheet taper, and I assume they did have that discussion, they didn't change anything there. So that's an interesting data point. If they felt like they wanted to tighten a little bit or change the pace of runoff, they could have done that, and they chose to leave the balance sheet taper alone. “It probably pushes out maybe one or two meetings.
"Clearly, in light of this, the May meeting is not live for a cut, barring a financial accident, as the Committee continue to seek further confidence that inflation is returning to target before firing the starting gun on the easing cycle."
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