Fed holds key interest rate at 22-year high, hints at cuts in 2024

The U.S. Federal Reserve on Wednesday kept its benchmark interest rate on hold at a 22-year high of 5.25-5.50 percent for the third consecutive time, but officials suggested that reductions of borrowing costs may be coming next year amid signs of cooling inflation.The Fed's quarterly economic projections, released after a two-day policy meeting, said the median forecast for the federal funds rate at the end of 2024 stands at 4.6 percent, signaling three quarter-point cuts from current levels.The forecast was down from 5.1 percent predicted last time in September. The latest forecast for 202…READ FULL ARTICLE