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Fed Projects Jobless Rate to Edge Up This Yr, Another 50bps Cut by Yr End
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The US Fed ended on Wednesday its interest rate hike cycle that began in 2022, and voted 11-1 to implement its first rate cut since the start of the COVID-19 pandemic, radically reducing the benchmark interest rate by half a ppt to a range of 4.75%-5% to prevent a slowdown in the labor market. The Fed expected the median forecast for the unemployment rate at the end of 2024 to rise from 4% in June to 4.4%, which was a slim deterioration from the current level of 4.2%. Based on the median forecast, the Fed was projected to cut rate by another 50 bps or 0.5% by the end of 2024, and another 100 bps or 1% by 2025. AAStocks Financial News |
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