Current:Home > MyWhen's the next Federal Reserve meeting? Here's when to expect updates on current rate.-LoTradeCoin
When's the next Federal Reserve meeting? Here's when to expect updates on current rate.
View Date:2024-12-23 15:40:50
For the first time in four years, the Federal Reserve's benchmark, short-term rate was scaled back by a half percentage point. The previous 23-year high remained stagnant since July 2023 until September's meeting, marking the new range of 4.75% to 5%.
"The (Fed) has gained greater confidence that inflation is moving sustainably toward 2%, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” the Fed said in a statement after the two-day meeting. "The economic outlook is uncertain, and the Fed is attentive to the risks of both sides of its dual mandate."
But as inflation continues to slow, could we see cuts during the final two Fed meetings of this year? Economists' estimates had scaled back with most rate cut predictions shifting to two or one.
Fed Chair Jerome Powell said officials could speed up or slow the pace of rate cuts depending on how the economy and inflation evolve. Ahead of this week's meeting, this is the Federal Reserve's remaining schedule.
When is the next Fed meeting?
The next Federal Reserve meeting will be held from Nov. 6 through 7.
Maximize your savings: Best high-yield savings accounts
Your wallet, explained. Sign up for USA TODAY's Daily Money newsletter.
Federal Reserve 2024 Meeting Schedule
- Jan. 30–31
- March 19–20
- April 30–May 1
- June 11–12
- July 30–31
- Sept. 17–18
- Nov. 6–7
- Dec. 17–18
Why does the Fed raise interest rates?
The Fed is the nation's central bank, leaving it in charge of monetary policy. This means the Fed sets interest rates and controls the money supply.
Its dual mandate is to promote "maximum employment and stable prices in the U.S. economy." Stable prices mean the Fed tries to keep inflation in check, with its long-term annual target at 2%.
To control inflation, one of the Fed's main tools is the federal funds rate, which is the rate banks charge each other for overnight loans. If that rate rises, banks generally pass on their additional cost.
Even though the Fed does not directly control all interest rates in the country, when it raises the fed funds rate, other interest rates eventually follow, including adjustable-rate mortgages, credit cards, home equity lines of credit, and other loans.
What is inflation?
Inflation is a generalized rise in prices, affecting different goods and services throughout the economy, such as gas, rent and food.
It can be caused by several factors, such as more people spending money on goods or services that are not readily available to meet that demand. That allows producers and service providers to raise prices without worrying about a significant loss in sales.
Inflation also could be caused by a shortage of supply. If there are not enough goods to meet the demand for a good or service, this could lead to an increase in a manufacturer's or retailer's wholesale costs, which, in turn, would be passed along to consumers through higher retail prices.
Just Curious for more? We've got you covered
USA TODAY is exploring the questions you and others ask every day. From "What is inflation?" to "What is a recession?" to "How to enroll in Zelle?" – we're striving to find answers to the most common questions you ask every day. Head to our Just Curious section to see what else we can answer.
veryGood! (5)
Related
- Olivia Culpo Celebrates Christian McCaffrey's NFL Comeback Alongside Mother-in-Law
- Iowa woman who made fake cancer claims on social media must pay restitution but stays out of prison
- Central America scrambles as the international community fails to find solution to record migration
- Central America scrambles as the international community fails to find solution to record migration
- Agents search home of ex-lieutenant facing scrutiny as police probe leak of school shooting evidence
- Gov. Kathy Hochul learns of father's sudden death during emotional trip to Israel
- The FDA is proposing a ban on hair relaxers with formaldehyde due to cancer concerns
- Gov. Kathy Hochul learns of father's sudden death during emotional trip to Israel
- Kennesaw State football coach Brian Bohannon steps down after 10 seasons amid first year in FBS
- GOP House panel raises questions about $200K check from James Biden to Joe Biden. Biden spokesman says there's zero evidence of wrongdoing.
Ranking
- Gavin Rossdale Makes Rare Public Appearance With Girlfriend Xhoana Xheneti
- Tensions are high in Europe amid anger over Israel-Hamas war
- Keep Your Summer Glow and Save 54% On St. Tropez Express Self-Tanning Mousse
- South Korea, US and Japan hold first-ever trilateral aerial exercise in face of North Korean threats
- Is Kyle Richards Finally Ready to File for Divorce From Mauricio Umansky? She Says...
- Opinion: Did he really say that?
- Author Salman Rushdie calls for defense of freedom of expression as he receives German prize
- 'Really pissed me off': After tempers flare, Astros deliver stunning ALCS win vs. Rangers
Recommendation
-
Justine Bateman feels like she can breathe again in 'new era' after Trump win
-
Little light, no beds, not enough anesthesia: A view from the ‘nightmare’ of Gaza’s hospitals
-
California Gov. Gavin Newsom is traveling to China to talk climate change
-
Iran sentences 2 journalists for collaborating with US. Both covered Mahsa Amini’s death
-
Wreck of Navy destroyer USS Edsall known as 'the dancing mouse' found 80 years after sinking
-
Iran sentences 2 journalists for collaborating with US. Both covered Mahsa Amini’s death
-
Millions of rural Americans rely on private wells. Few regularly test their water.
-
The IRS will soon set new tax brackets for 2024. Here's what that means for your money.