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Federal Reserve Holds Steady on Interest Rates at January 30-31, 2024 Meeting
Table of Contents
The Federal Open Market Committee (FOMC) of the Federal Reserve System voted to maintain the federal funds rate within a target range of 5.25% – 5.50% following its meeting on January 30-31, 2024. This decision marks the seventh consecutive meeting where the committee has held rates steady.
Key Decisions and Statements
- Federal Funds Rate: Remains at 5.25% – 5.50%.
- Inflation: The FOMC stated that inflation “has eased over the past year but remains elevated.”
- Labour Market: The committee noted that the labor market remains “strong,” with an unemployment rate of 3.7% as of December 2023, according to the bureau of Labor statistics.
- Economic Activity: Economic activity has been “expanding at a moderate pace.”
Voting Record
All twelve members of the FOMC voted in favor of maintaining the current interest rate. The voting members are: Jerome H. Powell (Chair), Philip N. Jefferson (Vice Chair), Michael S. Barr, Mary C. Daly, Arthur J. Flanagan, Patrick Harker, Michelle W. Bowman, Christopher J. Waller,and John C. Williams. The four Reserve Bank Presidents voting were: Thomas I. Barkin (Richmond), Raphael W. Bostic (Atlanta), Susan M. Collins (Boston), and Loretta J. Mester (Cleveland).
Forward Guidance
“The Committee will continue to assess additional details and its implications for monetary policy,” the FOMC stated in its post-meeting statement. “The Committee remains highly attentive to inflation risks.”
Federal Open Market Committee, January 31, 2024
Recent Inflation Data
The Consumer Price Index (CPI) rose 3.1% over the 12 months ending in January 2024, according to the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, increased 3.9% over the same period. The Federal Reserve targets a 2% inflation rate.
Impact on Mortgage Rates
According to Freddie Mac, the average 30-year fixed mortgage rate was 6.69% as of February 1, 2024. This rate has fluctuated in recent months, influenced by the Federal Reserve’s monetary policy and broader economic conditions.
Source: Federal Reserve Board