The U.S. economy has faced a months-long stretch of stubborn inflation.
The Federal Reserve decided to hold its benchmark interest rate steady on Wednesday, postponing highly anticipated rate cuts as elevated inflation continues to burden U.S. households.The slowdown has coincided with a months-long stretch of stubborn, putting pressure on the Fed to keep interest rates high despite a risk of hindering economic activity with expensive borrowing costs.
At its previous meeting, in March, the Fed stuck to a projection of three rate cuts by the end of 2024, even as it opted toThat approach has amounted to a prolonged pause of the aggressive rate hiking cycle that began roughly two years ago when the central bank sought to rein in rapid price increases.
But the Fed risks a rebound of inflation if it cuts interest rates too quickly, since stronger consumer demand on top of solid economic activity could lead to an acceleration of price increases.The U.S. economy slowed dramatically at the outset of 2024, though it continued to grow at a solid pace, according to data released by theGross domestic product, a measure of all the goods and services produced in the economy, recorded 1.
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