In a largely anticipated move, the Federal Reserve chose to hold interest rates at their existing level on Wednesday following the Federal Open Market Committee two-day policy meeting. 

Central bankers are calling for three rounds of rate cuts by the end of 2024, projection materials released Wednesday show. 

The rate hike pause marks the central bank’s fifth since consecutively raising interest rates from March 2022 to July 2023. Persistent inflation and improving employment data contributed to central bankers’ decision to hold rates, they said. 

“The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance,”…

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