The Federal Reserve's Federal Open Markets Committee announced that, given the picture of the economy, it would again hold any change in the federal funds rate.

There was the usual "continue to assess additional information and its implications for monetary policy" statement to hedge any bets. Unlike other recent meeting announcements, though, the Fed spoke more positively about the efforts to reduce inflation. In the summary of projections, the central tendency of Fed board members and presidents was to expect several quarter-point rate reductions in 2024.

The projections further expected a 1.4% GDP growth in 2024, which would mean a calm slowing without a recession, and unemployment rising to 4.1% through the next few years and into the longer run and core personal consumption expenditures inflation dropping to 2.0% by 2026.