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Business & Economy
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Business & Economy
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Fed holds rates, projects only one rate cut for 2024
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The Federal Reserve projects just one interest rate cut of a quarter of a percent this year, down from three quarter-point cuts as predicted in March.
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Hopes had been high among investors for additional rate cuts this year, which would lower the cost of borrowing money and tend to fuel the stock market.
However, a string of surprisingly strong jobs reports along with some elevated price readings earlier in the year dampened those hopes.
The economy added 272,000 jobs in May, blowing past expectations of around 190,000, while the unemployment rate inched upward to 4 percent from 3.9 percent.
The Fed’s expected annual inflation rate for 2024 rose to 2.6 percent from 2.4 percent as core inflation — which removes the less volatile categories of energy and food — was also adjusted upwards from 2.6 percent to 2.8 percent as measured by the Commerce Department’s personal consumption expenditures price index.
The Fed expects annual inflation to drop to 2.3 percent next year and to 2 percent in 2026.
The forecast for the unemployment rate remained unchanged from March at 4 percent, which is where it stands after a slight uptick in May.
Expectations for growth in gross domestic product growth also held steady at 2.1 percent for the year.
The Hill’s Tobias Burns has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The six largest publicly traded apartment companies in the U.S. — all of which are linked to an alleged rental price-fixing scandal — experienced profit increases during the first three months of the year, according to an analysis from left-leaning watchdog group Accountable US exclusively shared with The Hill.
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Tensions in Rudy Giuliani’s bankruptcy case are coming to a head, with his creditors hoping for the drastic remedy of having a third party take control of the former New York City mayor’s finances.
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Spending in the retail and airline sectors saw a boost last month as inflation hit a plateau and consumer prices evened out, according to a new analysis.
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Upcoming news themes and events we’re watching:
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- The Bureau of Labor Statistics releases the producer price index for May at 8:30 a.m. ET.
- Consumer Financial Protection Bureau Director Rohit Chopra will testify before the House Financial Services Committee at 10 a.m.
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Balancing the Federal Budget: A Bipartisan Conversation
Monday, June 17 — Streaming nationally
Join The Hill & the 92nd Street Y collaboration for a peek into the fiscal issues that will be very important when voters walk into election booths in November and beyond. Speakers:
Rep. Jodey Arrington (R-Texas), chair, House Budget Committee, and Rep. Brandon Boyle (D-Pa.), ranking member, House Budget Committee.
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Branch out with more stories from the day:
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NEW YORK (AP) — U.S. stocks climbed Wednesday following a surprisingly encouraging update on inflation …
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Business and economic news we’ve flagged from other outlets:
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- Southwest CEO vows change as activist investor pushes for new leadership (CNBC)
- Chiquita found liable for financing paramilitary group (CNN)
- Elon Musk’s Boundary-Blurring Relationships With Women at SpaceX (WSJ)
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Top stories on The Hill right now:
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Former President Carter is “experiencing the world as best he can,” while he is no longer awake every day in hospice care, his grandson revealed in an interview late last week. Read more
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Alito recording plunges Supreme Court into deeper controversy
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The secret recording of conservative Justice Samuel Alito endorsing the idea that the country should return to a place of “godliness” has further plunged the Supreme Court into controversy, evoking outrage from Senate Democrats and forcing Republicans to play defense. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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