Federal Reserve not expected to budge on interest rates yet as inflation holds its grip [MSNBC.com]
Wells Fargo & Company (WFC)
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Source: MSNBC.com
Consumers will have to be patient as they wait for price increases to meaningfully slow down, economists say.With annual inflation rates stalling above its 2% target, the Federal Reserve was expected to keep its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade.Last month,the consumer price index came in at 3.5%"We're just a mile a way from the finish line," said Mark Zandi, chief economist at Moody's, referring to the economy reaching 2% inflation. "We're very close, but still not there. I do think that inflation will continue to moderate."The Fed has sought to slow inflation by keeping interest rates elevated. By making it more expensive for businesses and consumers to borrow money, including through credit cards, the Fed hopes to reduce demand for goods and services, thereby reducing price growth.So far, the results of doing this have been mixed. After a period of rapid interest rate hikes, the pace of inflation fell from more than 9% i
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- 5/15/24 - Form 424B2
- 5/15/24 - Form 424B2
- 5/15/24 - Form 424B2
- WFC's page on the SEC website