Fed says it’s not ready to cut rates until ‘greater confidence’ inflation is moving to 2% goal

- Federal Reserve officials at their June meeting indicated that inflation is moving in the right direction but not quickly enough for them to lower interest rates - FOMC voters decided to hold rates steady - Policymakers want more evidence that inflation will continue to move toward the 2% goal before lowering rates - One quarter percentage point cut indicated by the end of 2024 - Economic projections and monetary policy are mostly unchanged - There were disagreements among policymakers about tightening monetary policy based on inflation levels - Officials see economic growth cooling and current policy as restrictive - Officials are cautious about data dependency and signals indicating a possible rate cut in the future.