Fed could lower interest rates in 2024, Williams says

11/29 00:14

New York Federal Reserve President John Williams on Monday said the U.S. central bank needs to press forward with rate rises but did not say how fast and how far it will need to boost short-term borrowing costs, even as he reckons a rate cut is possible in 2024 as inflation pressures likely ease. Williams did not offer any guidance on his preferred size for the rate hike at next month's meeting, or for the ultimate destination of the federal funds rate, which most policymakers in September thought would be between 4.5% and 5.0%. But he notably did not push back on the idea that the Fed could move at a slower pace next month. The federal funds rate futures market on Monday put a 68% probability on the prospect of a half-percentage-point rise at the Dec. 13-14 meeting.
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