Fed Keeps Interest Rates Unchanged, Predicts 3 Rate Cuts in 2024

The Federal Reserve left interest rates unchanged at a range of 5.25 percent and 5.50 percent at the final Federal Open Market Committee (FOMC) policy meeting of December. Rate-setting Committee members stated that recent data suggest that economic growth has slowed from the strong third quarter. While the labor market has moderated since the beginning of 2023, employment gains remain strong as the unemployment rate has remained low. Inflation has also eased over the last year but remains above elevated, the Fed said. "The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and…