Fed Holds Rates Steady, Sees Just One Cut This Year: What the Experts Are Saying

The Federal Reserve kept interest rates unchanged and penciled in one quarter-point cut in 2024.

fed meeting interest rates Jerome Powell FOMC
(Image credit: BRENDAN SMIALOWSKI/AFP via Getty Images)

The Federal Reserve made the widely expected move of leaving interest rates at a 23-year high on Wednesday and signaled just one quarter-point cut for the remainder of the year.

The central bank's rate-setting committee wrapped up its regularly scheduled two-day policy meeting by keeping the short-term federal funds rate unchanged at 5.25% to 5.5%. More interesting was the quarterly Summary of Economic Projections (SEP), also known as the dot plot, which shows the Federal Open Market Committee's (FOMC) estimated path forward for rates.

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Dan Burrows
Senior Investing Writer, Kiplinger.com

Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016.

A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange and hosted a weekly video segment on equities.

Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.

In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more.

Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.

Disclosure: Dan does not trade stocks or other securities. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts.