Fed Keeps Rates Unchanged, But 3 Cuts Expected This Year

By: Movement Team
MARCH 22, 2024

Blog Market Update Fed Keeps Rates Unchanged, But 3 Cuts Expected This Year
The pivotal event of the week revolved around Wednesday’s March FOMC meeting. As anticipated, the Federal Reserve kept rates unchanged, yet the unveiling of their updated SEP (Summary of Economic Projections) provided intriguing insights. Notably, they revised their GDP forecast for 2024 upwards, lowered the unemployment rate projection, and raised the Core PCE forecast (PCE being the Fed’s preferred inflation index).

Concurrently, they maintained their outlook of executing three rate cuts amounting to 75 basis points by year-end. So the economy is strong, inflation is a little sticky, yet the Fed is still looking to cut. They clearly are inclined to ease financial conditions, with a willingness to allow inflation to reach the 2.00% target over time. The lingering query remains: when will the rate cuts commence?

This article originally appeared at https://movement.com/blog/2024/03/rates-unchanged-but-3-cuts-expected

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Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture, and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S. and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement’s profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities, and global outreach. For more information, visit www.movement.com.

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