The US Federal Reserve just had a meeting to decide on interest rates. They decided to keep the rates unchanged at 5.25% to 5.50%, which is what many people expected. This is the fifth time in a row they’ve kept rates the same.
Despite inflation being higher than usual, the Fed said they plan to lower rates three times this year. They want to be more sure that inflation will come down before they lower rates.
The Fed also expects the economy to grow faster this year compared to what they thought before. However, they think prices will keep going up, especially for things like food and energy.
Since March 2022, the Fed has increased rates by 5.25% in response to rising prices, but they haven’t changed rates since July 2023.
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