Fed’s Powell: Still Too Early For Interest Rate Cuts (2024)

Breaking

3 minutes ago

Trump’s Hush Money Trial Jurors Will Be Kept Secret From Public, Judge Rules

37 minutes ago

Trump Must Pay Over $300,000 Legal Bill To Company Linked To Steele Dossier, Judge Rules

1 hour ago

Rivian Halts Planned $5 Billion Georgia EV Plant—And Its Shares Surge

1 hour ago

Sargento Recalls Shredded Cheese In 15 States Over Listeria Concerns

1 hour ago

2 hours ago

Rivian Shares Pop As CEO RJ Scaringe Shows Off 3 Small Electric Crossovers

3 hours ago

NTSB Investigating Another Boeing 737 MAX Aircraft

3 hours ago

Biden Will Order Military Port For Gaza Humanitarian Aid

3 hours ago

Utah Doesn’t Want Officials To Use Bird’s New More ‘Inclusive’ Names — What To Know About National Push To Rename Species, Places

4 hours ago

Ozempic Maker’s New Weight Loss Pill Beats Wegovy In Early Trial — What To Know About Novo Nordisk’s Amycretin

4 hours ago

Sweden Officially Joins NATO In Blow To Russia

5 hours ago

Who Is Katie Britt? Alabama Senator Will Give GOP Response To Biden’s State Of The Union.

5 hours ago

Elon Musk’s SpaceX Under Investigation By Democrats Over Russia’s Alleged Starlink Use

6 hours ago

Ozempic Maker Novo Nordisk More Valuable Than Tesla

6 hours ago

Loneliness And Depression In Teens Linked To Lack Of Sleep And Early School Start Times, New Report Shows

6 hours ago

Xcel Energy Admits Role In Worst Wildfire In Texas History

8 hours ago

Trump’s 2024 Legal Cases: Here’s Where They Stand—As Supreme Court Schedules Jan. 6 Case

9 hours ago

Last Month Had Most Job Cuts Of Any February Since 2009

9 hours ago

Novo Nordisk’s New Obesity Pill Beats Wegovy In Early Trial

10 hours ago

Rep. Katie Porter Doubles Down After Slamming California Senate Race As ‘Rigged’ By Billionaires

3 minutes ago

Trump’s Hush Money Trial Jurors Will Be Kept Secret From Public, Judge Rules","scope":{"topStory":{"index":1,"title":"Trump’s Hush Money Trial Jurors Will Be Kept Secret From Public, Judge Rules","image":"https://specials-images.forbesimg.com/imageserve/65ea2d27e2cb572ee4b43221/290x0.jpg?cropX1=0&cropX2=2492&cropY1=128&cropY2=1529","isHappeningNowArticle":true,"date":"3 minutes ago","uri":"https://www.forbes.com/sites/zacharyfolk/2024/03/07/trumps-hush-money-trial-jurors-will-be-kept-secret-from-public-judge-rules/"}},"id":"ealod28r4feo00"},{"textContent":"

37 minutes ago

Trump Must Pay Over $300,000 Legal Bill To Company Linked To Steele Dossier, Judge Rules","scope":{"topStory":{"index":2,"title":"Trump Must Pay Over $300,000 Legal Bill To Company Linked To Steele Dossier, Judge Rules","image":"https://specials-images.forbesimg.com/imageserve/62499fdeb85d6719dc85cb1a/290x0.jpg","isHappeningNowArticle":true,"date":"37 minutes ago","uri":"https://www.forbes.com/sites/anafa*guy/2024/03/07/trump-must-pay-over-300000-legal-bill-to-company-linked-to-steele-dossier-judge-rules/"}},"id":"qh3ig7f1el400"},{"textContent":"

1 hour ago

Rivian Halts Planned $5 Billion Georgia EV Plant—And Its Shares Surge","scope":{"topStory":{"index":3,"title":"Rivian Halts Planned $5 Billion Georgia EV Plant—And Its Shares Surge","image":"https://specials-images.forbesimg.com/imageserve/6491c22303d9b79e863b363e/290x0.jpg?cropX1=0&cropX2=3010&cropY1=153&cropY2=1847","isHappeningNowArticle":true,"date":"1 hour ago","uri":"https://www.forbes.com/sites/brianbushard/2024/03/07/rivian-halts-planned-5-billion-georgia-ev-plant-and-its-shares-surge/"}},"id":"f0a0bkh11qd400"},{"textContent":"

1 hour ago

Sargento Recalls Shredded Cheese In 15 States Over Listeria Concerns","scope":{"topStory":{"index":4,"title":"Sargento Recalls Shredded Cheese In 15 States Over Listeria Concerns","image":"https://specials-images.forbesimg.com/imageserve/65ea264a5f9b87b2d401d80f/290x0.jpg?cropX1=0&cropX2=4740&cropY1=151&cropY2=2819","isHappeningNowArticle":true,"date":"1 hour ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/07/sargento-recalls-shredded-cheese-in-15-states-over-listeria-concerns/"}},"id":"3enigp1eh8mk00"},{"textContent":"

1 hour ago

","scope":{"topStory":{"index":5,"title":"S&P 500 Sets Another Record—And These Stocks Hit All-Time Highs","image":"https://specials-images.forbesimg.com/imageserve/65ea1b1bb489d4935217f18a/290x0.jpg?cropX1=0&cropX2=1750&cropY1=0&cropY2=984","isHappeningNowArticle":true,"date":"1 hour ago","uri":"https://www.forbes.com/sites/dereksaul/2024/03/07/sp-500-sets-another-record-and-these-stocks-hit-all-time-highs/"}},"id":"9fa775gj1llk00"},{"textContent":"

2 hours ago

Rivian Shares Pop As CEO RJ Scaringe Shows Off 3 Small Electric Crossovers","scope":{"topStory":{"index":6,"title":"Rivian Shares Pop As CEO RJ Scaringe Shows Off 3 Small Electric Crossovers","image":"https://specials-images.forbesimg.com/imageserve/65ea15a040360554064be513/290x0.jpg?cropX1=0&cropX2=2424&cropY1=266&cropY2=1625","isHappeningNowArticle":true,"date":"2 hours ago","uri":"https://www.forbes.com/sites/alanohnsman/2024/03/07/rivian-shares-pop-as-ceo-rj-scaringe-shows-off-3-small-electric-crossovers/"}},"id":"74qecrbp22o000"},{"textContent":"

3 hours ago

NTSB Investigating Another Boeing 737 MAX Aircraft","scope":{"topStory":{"index":7,"title":"NTSB Investigating Another Boeing 737 MAX Aircraft","image":"https://specials-images.forbesimg.com/imageserve/65ea09ba96f615868ae5db9d/290x0.jpg?cropX1=0&cropX2=2593&cropY1=133&cropY2=1593","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/zacharyfolk/2024/03/07/ntsb-investigating-another-boeing-737-max-aircraft/"}},"id":"bc0994hpmh0000"},{"textContent":"

3 hours ago

Aldi Adding 800 New U.S. Stores By 2028—A $9 Billion Investment","scope":{"topStory":{"index":8,"title":"Aldi Adding 800 New U.S. Stores By 2028—A $9 Billion Investment","image":"https://specials-images.forbesimg.com/imageserve/65ea05038510e3ea4b33cd29/290x0.jpg?cropX1=0&cropX2=4087&cropY1=119&cropY2=2417","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/caileygleeson/2024/03/07/aldi-adding-800-new-us-stores-by-2028-a-9-billion-investment/"}},"id":"8hegrnpf620o00"},{"textContent":"

3 hours ago

Biden Will Order Military Port For Gaza Humanitarian Aid","scope":{"topStory":{"index":9,"title":"Biden Will Order Military Port For Gaza Humanitarian Aid","image":"https://specials-images.forbesimg.com/imageserve/65ea00ca41fea4e439613955/0x0.jpg","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/saradorn/2024/03/07/biden-will-order-military-port-for-gaza-humanitarian-aid/"}},"id":"7bhik2eipjdk00"},{"textContent":"

3 hours ago

Utah Doesn’t Want Officials To Use Bird’s New More ‘Inclusive’ Names — What To Know About National Push To Rename Species, Places","scope":{"topStory":{"index":10,"title":"Utah Doesn’t Want Officials To Use Bird’s New More ‘Inclusive’ Names — What To Know About National Push To Rename Species, Places","image":"https://specials-images.forbesimg.com/imageserve/65e9fc8cc9d21e73203678ac/290x0.jpg?cropX1=0&cropX2=2822&cropY1=703&cropY2=2820","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/07/utah-doesnt-want-officials-to-use-birds-new-more-inclusive-names---what-to-know-about-national-push-to-rename-species-places/"}},"id":"6od8rj66p0mg00"},{"textContent":"

4 hours ago

Ozempic Maker’s New Weight Loss Pill Beats Wegovy In Early Trial — What To Know About Novo Nordisk’s Amycretin","scope":{"topStory":{"index":11,"title":"Ozempic Maker’s New Weight Loss Pill Beats Wegovy In Early Trial — What To Know About Novo Nordisk’s Amycretin","image":"https://specials-images.forbesimg.com/imageserve/65e9f92d3e62634b0affa495/290x0.jpg?cropX1=0&cropX2=3840&cropY1=0&cropY2=2160","isHappeningNowArticle":true,"date":"4 hours ago","uri":"https://www.forbes.com/sites/roberthart/2024/03/07/ozempic-makers-new-weight-loss-pill-beats-wegovy-in-early-trial---what-to-know-about-novo-nordisks-amycretin/"}},"id":"2me89plrb8ng00"},{"textContent":"

4 hours ago

Sweden Officially Joins NATO In Blow To Russia","scope":{"topStory":{"index":12,"title":"Sweden Officially Joins NATO In Blow To Russia","image":"https://specials-images.forbesimg.com/imageserve/65e9f2205c47a5eb6e297743/290x0.jpg?cropX1=0&cropX2=2695&cropY1=0&cropY2=1516","isHappeningNowArticle":true,"date":"4 hours ago","uri":"https://www.forbes.com/sites/brianbushard/2024/03/07/sweden-officially-joins-nato-in-blow-to-russia/"}},"id":"aajjj9l8iqc000"},{"textContent":"

5 hours ago

Who Is Katie Britt? Alabama Senator Will Give GOP Response To Biden’s State Of The Union.","scope":{"topStory":{"index":13,"title":"Who Is Katie Britt? Alabama Senator Will Give GOP Response To Biden’s State Of The Union.","image":"https://specials-images.forbesimg.com/imageserve/65e9e5b05025cc954f201f66/0x0.jpg","isHappeningNowArticle":true,"date":"5 hours ago","uri":"https://www.forbes.com/sites/anafa*guy/2024/03/07/who-is-katie-britt-alabama-senator-will-give-gop-response-to-bidens-state-of-the-union/"}},"id":"5cjg3c9qogq400"},{"textContent":"

5 hours ago

Elon Musk’s SpaceX Under Investigation By Democrats Over Russia’s Alleged Starlink Use","scope":{"topStory":{"index":14,"title":"Elon Musk’s SpaceX Under Investigation By Democrats Over Russia’s Alleged Starlink Use","image":"https://specials-images.forbesimg.com/imageserve/65e9e41be8122a75e5013fc5/290x0.jpg?cropX1=0&cropX2=3186&cropY1=218&cropY2=2011","isHappeningNowArticle":true,"date":"5 hours ago","uri":"https://www.forbes.com/sites/tylerroush/2024/03/07/elon-musks-spacex-under-investigation-by-democrats-over-russias-alleged-starlink-use/"}},"id":"2lcodm9j7dg400"},{"textContent":"

6 hours ago

Ozempic Maker Novo Nordisk More Valuable Than Tesla","scope":{"topStory":{"index":15,"title":"Ozempic Maker Novo Nordisk More Valuable Than Tesla","image":"https://specials-images.forbesimg.com/imageserve/65e9d89d2a11a0fd5874ec59/290x0.jpg?cropX1=0&cropX2=2329&cropY1=77&cropY2=1388","isHappeningNowArticle":true,"date":"6 hours ago","uri":"https://www.forbes.com/sites/dereksaul/2024/03/07/ozempic-maker-novo-nordisk-more-valuable-than-tesla/"}},"id":"2r5dl1999p4k00"},{"textContent":"

6 hours ago

Loneliness And Depression In Teens Linked To Lack Of Sleep And Early School Start Times, New Report Shows","scope":{"topStory":{"index":16,"title":"Loneliness And Depression In Teens Linked To Lack Of Sleep And Early School Start Times, New Report Shows","image":"https://specials-images.forbesimg.com/imageserve/65e5f2a07c05af2370c7dd69/290x0.jpg?cropX1=0&cropX2=4362&cropY1=225&cropY2=2680","isHappeningNowArticle":true,"date":"6 hours ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/07/loneliness-and-depression-in-teens-linked-to-lack-of-sleep-and-early-school-start-times-new-report-shows/"}},"id":"6dm59ahqee0g00"},{"textContent":"

6 hours ago

Xcel Energy Admits Role In Worst Wildfire In Texas History","scope":{"topStory":{"index":17,"title":"Xcel Energy Admits Role In Worst Wildfire In Texas History","image":"https://specials-images.forbesimg.com/imageserve/65e9d3c58d082a030cec6c5f/0x0.jpg","isHappeningNowArticle":true,"date":"6 hours ago","uri":"https://www.forbes.com/sites/zacharyfolk/2024/03/07/xcel-energy-admits-role-in-sparking-texas-worst-wildfire-in-its-history/"}},"id":"cg42ljqcakh400"},{"textContent":"

8 hours ago

Trump’s 2024 Legal Cases: Here’s Where They Stand—As Supreme Court Schedules Jan. 6 Case","scope":{"topStory":{"index":18,"title":"Trump’s 2024 Legal Cases: Here’s Where They Stand—As Supreme Court Schedules Jan. 6 Case","image":"https://specials-images.forbesimg.com/imageserve/65ce3e44a119cda0ef8646ca/290x0.jpg?cropX1=0&cropX2=2457&cropY1=91&cropY2=1473","isHappeningNowArticle":true,"date":"8 hours ago","uri":"https://www.forbes.com/sites/alisondurkee/2024/03/07/trumps-2024-legal-cases-heres-where-they-stand-as-supreme-court-schedules-jan-6-case/"}},"id":"dd8ao5ca4h0g00"},{"textContent":"

9 hours ago

Last Month Had Most Job Cuts Of Any February Since 2009","scope":{"topStory":{"index":19,"title":"Last Month Had Most Job Cuts Of Any February Since 2009","image":"https://specials-images.forbesimg.com/imageserve/65e8de1f3ac7f803bb38adde/0x0.jpg","isHappeningNowArticle":true,"date":"9 hours ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/06/february-most-job-cuts-since-2009-cisco-expedia-rivian-layoffsrivianrivian/"}},"id":"f1ld1ggb3r3c00"},{"textContent":"

9 hours ago

Novo Nordisk’s New Obesity Pill Beats Wegovy In Early Trial","scope":{"topStory":{"index":20,"title":"Novo Nordisk’s New Obesity Pill Beats Wegovy In Early Trial","image":"https://specials-images.forbesimg.com/imageserve/654e47843345c024866cae6c/290x0.jpg?cropX1=0&cropX2=5200&cropY1=269&cropY2=3196","isHappeningNowArticle":true,"date":"9 hours ago","uri":"https://www.forbes.com/sites/roberthart/2024/03/07/novo-nordisks-new-obesity-pill-beats-wegovy-in-early-trial/"}},"id":"8blkgnm8882o00"},{"textContent":"

10 hours ago

Rep. Katie Porter Doubles Down After Slamming California Senate Race As ‘Rigged’ By Billionaires","scope":{"topStory":{"index":21,"title":"Rep. Katie Porter Doubles Down After Slamming California Senate Race As ‘Rigged’ By Billionaires","image":"https://specials-images.forbesimg.com/imageserve/65e9a1ee8edcdc5ad8f7909c/290x0.jpg?cropX1=0&cropX2=2098&cropY1=111&cropY2=1292","isHappeningNowArticle":true,"date":"10 hours ago","uri":"https://www.forbes.com/sites/alisondurkee/2024/03/07/rep-katie-porter-doubles-down-after-slamming-california-senate-race-as-rigged-by-billionaires/"}},"id":"dbdn6kb2778000"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

Fed’s Powell: Still Too Early For Interest Rate Cuts (2024)

FAQs

Why is the Fed not cutting interest rates? ›

Since the start of 2024, higher-than-expected inflation data triggered caution from top Federal Reserve officials. The Fed is determined not to reduce interest rates too soon, experts say — a mistake the central bank has made in the past.

When can we expect the Fed to lower interest rates? ›

After the last meeting meeting, the Fed predicted three quarter-point cuts by the end of this year. As time goes on, however, that becomes less of a certainty. Some economists have even suggested rates won't budge until March 2025.

Will there be interest rate cuts in 2024? ›

The persistence of inflation has led market participants to conclude that the likelihood of multiple Federal Reserve rate cuts in 2024 is diminished and the next rate cut is also likely further away.

What did Powell say about interest rates? ›

Powell stressed that the Fed's preferred approach was to keep its benchmark rate at its current two-decade peak rather than increase it. “I don't think that it's likely, based on the data that we have, that the next move that we make would be a rate hike,” Powell said.

What happens to the stock market when the Fed cuts interest rates? ›

As a general rule of thumb, when the Federal Reserve cuts interest rates, it causes the stock market to go up; when the Federal Reserve raises interest rates, it causes the stock market to go down. But there is no guarantee as to how the market will react to any given interest rate change.

What will the interest rate be in 2024? ›

Thirty-year mortgage rates nudged up to more than 7% in April 2024, as the Fed has held rates higher for longer. That's still down from recent peak levels of almost 8% last October. But mortgage rates have been on a generally increasing trend since early 2022 and for most of 2024.

Will mortgage rates ever be 3% again? ›

It's possible that rates will one day go back down to 3%, though if current trends hold that's not likely to happen anytime soon.

How long will Fed keep interest rates high? ›

The nation's top economists say the Fed is most likely to keep interest rates higher than 2.5 percent — often considered the “goldilocks,” not-too-tight, not-too-loose level for its benchmark federal funds rate — until the end of 2026, Bankrate's quarterly economists' poll found.

Will CD rates go up in 2024? ›

"CD rates will most likely drop and drop substantially in 2024," says Robert Johnson, professor of finance at Heider College of Business at Creighton University. "The biggest reason is the likelihood of Federal Reserve rate cuts later this year."

How many rate cuts are expected? ›

The Federal Reserve is likely to cut interest rates at least once in 2024, with the largest share of officials expecting three cuts.

What is the Fed interest rate forecast for 2025? ›

Importantly, the SEP projects that the Federal Funds rate will fall to 4.6% in 2024, 3.9% in 2025, and 3.1% in 2026. This implies three 25 basis point rate cuts in 2024. We are therefore lowering our Fed Funds forecast to four 25 bps cuts this year and another four 25 bps cuts in 2025.

How low will interest rates drop in 2024? ›

The April Housing Forecast from Fannie Mae puts the average 30-year fixed rate at 6.7% during the first quarter of 2024, falling to 6.4% by year-end. This reflects an upward revision in Fannie's analysis: Two months ago, the mortgage giant expected rates would dip below 6% at the end of this year.

What is the Fed interest rate today? ›

What is the current Fed interest rate? Right now, the Fed interest rate is 5.25% to 5.50%. The FOMC established that rate in late July 2023.

Why did Jerome Powell increase interest rates? ›

Jerome Powell, the chair of the Federal Reserve, may have just rescued the economy from inflation without throwing millions out of work. When Americans were suffering through the highest inflation in 40 years, Powell's Fed raised interest rates 11 times to cool the economy.

Why the Fed will keep raising interest rates? ›

The Fed raises interest rates to slow the amount of money circulating through the economy and drive down aggregate demand. With higher interest rates, there will be lower demand for goods and services, and the prices for those goods and services should fall.

Why is the Fed keeping interest rates high? ›

By keeping borrowing costs high, the Fed is hoping to cool the economy and reduce the pressures pushing up prices. But with inflation in the US proving more persistent than expected, the bank is facing questions about its next move.

Why are banks forced to lower interest rates when the money supply goes up? ›

An increase in the supply of money works both through lowering interest rates, which spurs investment, and through putting more money in the hands of consumers, making them feel wealthier, and thus stimulating spending.

What did the Fed do with interest rates today? ›

The U.S. Federal Reserve held interest rates steady in a range of 5.25% to 5.50% today as it maintains elevated rates to bring inflation down. The Fed cautioned of a “lack of further progress” on inflation recently, but noted current policy is “well positioned.”

Top Articles
Latest Posts
Article information

Author: Carlyn Walter

Last Updated:

Views: 6330

Rating: 5 / 5 (50 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Carlyn Walter

Birthday: 1996-01-03

Address: Suite 452 40815 Denyse Extensions, Sengermouth, OR 42374

Phone: +8501809515404

Job: Manufacturing Technician

Hobby: Table tennis, Archery, Vacation, Metal detecting, Yo-yoing, Crocheting, Creative writing

Introduction: My name is Carlyn Walter, I am a lively, glamorous, healthy, clean, powerful, calm, combative person who loves writing and wants to share my knowledge and understanding with you.