The Federal Reserve Open Market Committee is expected to start to cut rates in 2024, perhaps starting in September as inflation cools.
The Federal Reserve Open Market Committee is expected to cut interest rates at least once during its four remaining meetings of 2024. That’s according to the CME FedWatch Tool, which tracks the implied forecasts of fixed income markets.
The first interest rate cut may come in September and up to three cuts are possible in 2024, though two interest rate cuts are viewed as most likely, according to this implicit forecast of fixed income markets.FOMC Meeting Schedule and Forecasts
The FOMC is now half way through its eight scheduled meetings of 2024. The remaining decision dates are scheduled for July 31, September 18, November 7 and December 18.
The September and December meetings will include an update to the Summary of Economic Projections. Policymakers use this to share specific economic forecasts, including estimates for the path of interest rates.
As of the Summary of Economic Projections on June 12, most policymakers anticipated one or two interest rate cuts in 2024, though a minority projected that rates would not change in 2024 from their current 5.
