Fed to Signal Delay of Interest-Rate Cuts [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: BNN Bloomberg
The Federal Open Market Committee will hold the target range for its benchmark rate at 5.25% to 5.5% — a two-decade high first reached in July — at the conclusion of its two-day policy meeting Wednesday. The rate decision, and possibly an announcement on the pace of its balance-sheet reduction program, will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later. Policymakers are reluctant to begin lowering borrowing costs until they're certain inflation is closing in on 2%, the rate they see as appropriate for a healthy economy. While they had penciled in three 2024 rate cuts as recently as March, Powell is likely to indicate those plans are on hold and will depend on an improvement in inflation. “The message will be wait-and-see and policy needs more time to work,” said Michael Gapen, head of US economics at Bank of America Corp. “The answer to stickier inflation is you just stay where you are for longer. ‘We'll be on hold until th
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