The Federal Reserve kept its target interest rate unchanged at this week’s meeting of the policy-steering Federal Open Market Committee (FOMC), as widely expected. The central bank revised down its expectations for economic growth while marking higher its outlook for inflation, echoing recent signaling. On the path of interest rates, the Fed maintained its call for 50 basis points (bps) in rate cuts for 2025. Next year’s median projection was reduced from 3.4% to 3.6%, implying a move from two cuts down to just one. That makes for a widening departure from what the markets have priced in. Benchmark Fed Funds futures ... (full story)