Fed Opens 2024 FOMC Meeting Slate by Holding Rates Steady

For the fourth consecutive meeting, the central bank elected to not raise the federal funds rate.

  • The Federal Reserve (Fed) elected to not raise the federal funds rate at the January 2024 Federal Open Market Committee (FOMC) meeting.
  • It is the fourth consecutive meeting during which the central bank has chosen to hold interest rates steady.
  • Since June 2023, the Fed has elected to raise rates just once – a 25 basis point (bps) hike in July.
  • The federal funds rate target range remains 5.25%-5.50% and the Fed's cumulative total increase sits at 525 basis points (bps) since March 2022.
  • Fed Chair Jerome Powell reiterated that the central bank remains resolute in its effort to bring inflation down to its stated 2% target.