US Federal Reserve officials signaled that they still expect to cut their key interest rate three times in 2024 despite signs that inflation stayed surprisingly high at the start of the year. Yet they foresee fewer rate cuts in 2025, and they slightly raised their inflation forecasts.After ending their latest meeting, the officials kept their benchmark interest rate unchanged for a fifth straight time. It comes after the Reserve Bank of Australia held the cash rate at 4.35 per cent.In new quarterly projections they issued, the Fed officials forecast that stronger growth and stubborn inflation would persist this year and next. As a result, they predicted that interest rates would have to stay slightly higher for longer.
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