Steady Fed outlook boosts stock market's hopes for coveted 'soft landing'

NEW YORK, March 21 - A U.S. stock market perched at record highs received an encouraging message from the Federal Reserve, after the central bank stuck with its rate cut projections for 2024 despite stronger-than-expected economic growth.

While not all investors were confident the Fed will be able to deliver on its rate cut projections, Wednesday's market reaction was positive. While the Fed left its rate cut projections unchanged on Wednesday, it did acknowledge the economy’s strength, raising its forecast to 2.1% expansion in 2024, from an earlier forecast of 1.4%.

Still, some investors were doubtful the Fed would be able to deliver 75 basis points of easing shown in its"dot plot," which shows the rates outlook of each of the Fed's 19 policymakers, given the underlying strength of the economy and the stickiness of inflation, which remains above the Fed’s 2% target.

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