Fed Holds Rates Steady, Notes “Progress” On Inflation 7/31/24

Federal Reserve officials held short-term interest rates steady, but indicated that inflation is getting closer to its 2% target. Central bankers made no obvious indications that a rate cut was imminent. Instead, they maintained that more progress is needed before cuts can happen. We’ll break down what that means for both markets and your money, right up until Fed Chair Jerome Powell’s press conference.