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The Federal Reserve announced its first rate cut in four years on Sept. 18. It opted for a more aggressive 50 basis point cut instead of just 25 basis points, but many see this as just the beginning.
The Fed’s new median rate projection for 2024 signals just one rate cut. After the Federal Reserve’s latest interest rate decision, you may be tempted to try and start connecting some dots.
The new projection on Wednesday will come in the form of a so-called dot plot, a chart updated quarterly that shows each Fed official's prediction about the direction of the federal funds rate.
McBride expects that the average rate will hold above 20 percent for most of the year and eventually dip to 19.9 percent by the end of 2024 as the Fed cuts rates.
The Fed hiked the federal funds rate (overnight interest rates) to a two-decade high of 5.33% between Mar. 2022 and Aug. 2023, in order to tame an inflation surge that resulted from pandemic ...
After the Fed's three rate cuts in 2024, many online banks lowered their rates. For example, Wealthfront dropped its APY from 4.25% to 4.00%, while SoFi reduced its savings yield from 4.00% to 3.80%.
The national average rate for savings accounts will be 0.3 percent by the end of 2024, McBride forecasts, while predicting an average of 0.35 percent for money market accounts.
Fed Governor Christopher Waller said the central bank will be able to cut rates this year if inflation doesn't heat back up, but he sees "no reason to move quickly." The Fed will likely cut rates ...