{"id":249827,"date":"2024-07-31T21:12:44","date_gmt":"2024-07-31T21:12:44","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/31\/the-fed-plans-to-hold-interest-rates-steady-but-may-make-a-cut-before-the-end-of-the-year\/"},"modified":"2025-06-25T17:13:29","modified_gmt":"2025-06-25T17:13:29","slug":"the-fed-plans-to-hold-interest-rates-steady-but-may-make-a-cut-before-the-end-of-the-year","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/31\/the-fed-plans-to-hold-interest-rates-steady-but-may-make-a-cut-before-the-end-of-the-year\/","title":{"rendered":"The Fed plans to hold interest rates steady but may make a cut before the end of the year"},"content":{"rendered":"

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After the pandemic, inflation skyrocketed as prices on everything from rent to food increased. In response, the Federal Reserve started increasing interest rates to cool the pace of rising prices, hiking its benchmark rate 11 times between March 2022 and July 2023. Inflation remains higher than anticipated and currently sits right around 3%\u2014well above the Fed\u2019s 2% target, though lower than it was in May at 3.3%. The Fed<\/a> expects to hold rates steady for now, though many are suspecting a potential cut at the next meeting in September. As it said in the July 31 meeting, the FOMC \u201cdoes not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.\u201d<\/p>\n

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Here\u2019s how the federal rates have changed since 2022:<\/p>\n

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