NEW YORK — Stocks moved higher and Treasury yields fell after the Federal Reserve said it still expects to make three interest rate cuts this year. The Fed also kept its bechmark interest rate unchanged, as expected, and raised its estimate for economic growth this year. Markets are fervently hoping for cuts to interest rates, which the Fed has raised to the highest level since 2001 as it fights to rein in inflation. The S&P 500 turned 0.
The Fed began its latest meeting on interest rates on Tuesday and will announce its decision later Wednesday. The widespread expectation is for the central bank to leave its main interest rate alone at a two-decade high. Investors are hoping the Fed will indicate it still expects to cut rates three times later this year, as it hinted a few months ago.
The central bank started raising interest rates in 2022 in an effort to tame inflation back to its target of 2%. Inflation has broadly cooled since then, with consumer prices falling to a rate of 3.2% in February from as high as 9.1% in the middle of 2022. At the same time, consumers kept spending and the economy grew, despite worries that such severe interest rate increases could cause a recession.
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