FOMC keeps US rate policy unchanged for fourth time in a row

At the end of its first meeting in 2024, the Federal Open Market Committee chose to keep interest rates unchanged, as was broadly expected.

Investors and market watchers are now focusing on Fed Chair Jerome Powell’s speech and signals about the future path of US monetary policy. Powell will speak at a press conference following the meeting at 2:30 p.m., Eastern.

US central bank officials were largely expected to keep interest rates unchanged at the end of the Jan. 30-31 meeting, maintaining the federal-funds rate target range of 5.25-5.50%.

FOMC’s decision has come amid signs of cooling inflation and solid economic growth. The central bank is expected to issue three rate cuts in 2024, with some Wall Street economists predicting up to five cuts throughout the year.