Instant Reaction: The Fed Decides
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 20 March 2024
⏱️ 35 minutes
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Summary
Bloomberg's Jonathan Ferro and Lisa Abramowicz break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance
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Transcript
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| 1:16.2 | With your Federal Reserve decision this afternoon, we can cross the D.C. with Mike McKee. |
| 1:30.1 | The Fed sees higher growth, stronger inflation and slightly lower unemployment for 2024, but officials still barely see a median of three rate cuts for 2024. |
| 1:36.3 | Nine of the 19 members, however, said they thought two or fewer rate cuts would be appropriate. |
| 1:44.1 | Ten saw three or more. They did not change rates today. The dots move up a little bit next year. The median sees two cuts |
| 1:45.6 | to 3.9% in 2025 instead of three cuts, three more to 3.1% in 2026, a slightly |
| 1:53.7 | shallower path. The committee's median long run, the natural rate also moves up to 2.6%. GDP is projected to increase 2.1% this year, |
| 2:04.9 | a significant upgrade from the 1.4% in the December forecast. Growth is also higher in 2025 and |
| 2:12.6 | 2026. Unemployment will end this year at 4% Fed officials now say, instead of 4.1%. |
| 2:20.5 | And core PCE inflation will fall, but only to 2.6% instead of the 2.4% seen in December. |
| 2:28.4 | Headline inflation unchanged at 2.4%. |
| 2:31.6 | The only change to the statement is job growth is no longer characterized |
| 2:37.0 | as moderating language about considering any adjustment to the target rate, commitment to the 2% |
... |
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