Comment on this story Comment Add to your saved stories SaveThe Dow Jones Industrial Average hit an all-time high on Wednesday, reflecting new optimism that the economy is slowing enough to reduce inflation without triggering a recession. Federal Reserve policymakers now expect three rate cuts in 2024, the Fed announced on Wednesday, although Chairman Jerome H. Powell made clear that interest rate cuts would depend on how the economy is doing . The last rate hike was in July, and higher interest rates are cooling the economy in a way that pleases policymakers. The US economy has proven exceptionally resilient this year, posting quarter-on-quarter growth even in the face of rapid interest rate hikes. “Interest rates have gone up, and you've started to see more families falling behind on credit card payments, car loans.

Source: Washington Post December 14, 2023 02:55 UTC