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Fed expects three rate cuts this year

Federal Reserve Chair Jay Powell has hinted at the possibility of implementing three interest rate cuts in 2024 to address a cooling economy and job market, which have contributed to declining inflation.

This announcement aimed to dispel market expectations of six cuts in response to the inflation drop. The Fed's move to consider these potential cuts caused market interest rates to drop significantly in anticipation of the policy shift.

According to the Fed's projections, officials are contemplating three quarter-point interest rate reductions throughout the year.

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