For the first time in four yearsthe Federal Reserve’s benchmark rate, the short-term rate was cut by half a percentage point. The previous A peak for 23 years remained stagnant since July 2023 until the September 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 balanced,” said the Fed in a statement following the two-day meeting. The economic outlook is uncertain and the Fed is attentive to risks on both sides of its dual mandate. »

But as inflation continues to slow, could we see cuts at the Fed’s final two meetings of this year? Economists’ estimates have been revised downward, with most rate cut forecasts moving to two or three A.

Fed Chairman Jerome Powell said officials could speed up or slow down the pace of rate cuts depending on developments in the economy and inflation. Before this week’s meeting, here is the Federal Reserve’s remaining schedule.

When will the next Fed meeting take place?

The next meeting of the Federal Reserve will be held November 6-7.

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Federal Reserve Meeting Schedule 2024

• January 30-31

• March 19-20

• April 30-May 1

• June 11-12

• July 30-31

• September 17-18

• November 6 and 7

• December 17-18

Why is the Fed raising interest rates?

The Fed is the country’s central bank and is responsible for monetary policy. This means that the Fed sets interest rates and controls the money supply.

Its dual mandate is to promote “maximum employment and stable prices in the American economy“Stable prices mean the Fed is trying to control inflation, 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 this rate increases, banks generally pass on their additional cost.

Although the Fed does not directly control all of the nation’s interest rates, when it raises the federal 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 general rise in pricesaffecting different goods and services throughout the economy, such as gasoline, rent and food.

This could be due to several factors, such as more people spending money on goods or services that are not readily available to meet this demand. This allows producers and service providers to increase their prices without worrying about a significant loss in sales.

Inflation could also be caused by a shortage of supply. If there are not enough goods to meet the demand for a good or service, this could result in an increase in a manufacturer’s or retailer’s wholesale costs, which in turn , would be passed on to consumers through higher retail prices.

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This article was originally published on USA TODAY: 2024 Fed meeting schedule: A look at this year’s schedule