Anyone holding out hope for a March cut in the federal funds rate by the Federal Reserve should pack it away now. The Consumer Price Index was up 0.3% month-over-month in January 2024 on a seasonally adjusted basis. Over the last 12 months, it was 3.1%. That’s down from the 3.4% of December 2023.

That the Federal Reserve would cut interest rates early had been, to put it politely, a stretch, though not impossible. Fed Chair Jerome Powell outright said it in January. “Based on the meeting today, I would tell you that I don’t think it is likely that the Committee will reach a level of confidence by the time of the March meeting,” he said.

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Erik Sherman

GlobeSt

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