Fed policymakers sharply upgraded the US growth outlook for 2024 to 2.1 per cent, from 1.4 per cent in December.
US Federal Reserve chairman Jerome Powell speaks during a press conference at the end of the two-day Federal Open Market Committee meeting.
In 2023, the Fed’s policies proved to be a success: inflation eased dramatically from the multi-decade highs seen in 2022 towards the Fed’s long-term 2 per cent target, while the United States was able to avoid a recession thanks to unexpectedly strong economic growth.“Since the start of this year, expectations about 2024 central bank easing have been pared back materially,” economists at JP Morgan wrote, in a recent investor note.
This means they still expect 0.75 percentage points of cuts before the end of the year, which would likely translate into three 0.25 percentage point cuts.But in the weeks that followed, Fed officials used public appearances to caution against moving too quickly and reigniting inflation, stressing that any decisions on rate cuts would be “data-dependent.
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