Why the Fed will cut rates in September and then stop for the year, chief economist says

Federal Reserve Bank Chair Jerome Powell announces that interest rates will remain unchanged during a news conference at the Federal Reserves's William McChesney Martin building on June 12, 2024 in Washington, DC. Following the two-day Federal Open Markets Committee meeting Powell said the Fed has decided to keep their current rate range of 5.25-5.50 percent and signaled that it believes long-run rates will stay higher than previously indicated.

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• The Fed will cut rates once in September...