Current:Home > InvestWhen's the next Federal Reserve meeting? Here's when to expect updates on current rate. -SecureNest Finance
When's the next Federal Reserve meeting? Here's when to expect updates on current rate.
View
Date:2025-04-13 23:31:47
The Federal Reserve's benchmark, short-term rate has held a 23-year high of 5.25% to 5.5% since July 2023. This pause follows aggressive rate hikes dating back to March 2022, a period in which the central bank raised rates 11 times. The goal, at that time, was to make borrowing more expensive to cool down the economy and surging inflation.
After raising its key interest rate for nearly two years to tamp down growth and rising prices, economists expected the Fed to cut the rate to bring it more in line with slowing inflation. However, estimates have been scaled back with most rate cut predictions shifting to two, one or none after inflation accelerated early this year.
Earlier this month, Federal Reserve Chair Jerome Powell told Congress, "I'm today not going to be sending any signal about the timing of future action," regarding lower interest rates.
Ahead of this week's meeting, this is the Federal Reserve's schedule for the remainder of the year.
When is the next Fed meeting?
The next Federal Reserve meeting will be held from July 30 through 31.
Learn more: Best current CD rates
Federal Reserve 2024 Meeting Schedule
- Jan. 30–31
- March 19–20
- April 30–May 1
- June 11–12
- July 30–31
- Sept. 17–18
- Nov. 6–7
- Dec. 17–18
Why does the Fed raise interest rates?
The Fed is the nation's central bank, leaving it in charge of monetary policy. This means the Fed sets interest rates and controls the money supply.
Its dual mandate is to promote "maximum employment and stable prices in the U.S. economy." Stable prices mean the Fed tries to keep inflation in check, with its long-term annual target at 2%.
To control inflation, one of the Fed's main tools is the federal funds rate, which is the rate banks charge each other for overnight loans. If that rate rises, banks generally pass on their additional cost.
Even though the Fed does not directly control all interest rates in the country, when it raises the fed funds rate, other interest rates eventually follow, including adjustable-rate mortgages, credit cards, home equity lines of credit, and other loans.
What is inflation?
Inflation is a generalized rise in prices, affecting different goods and services throughout the economy, such as gas, rent and food.
It can be caused by several factors, such as more people spending money on goods or services that are not readily available to meet that demand. That allows producers and service providers to raise prices without worrying about a significant loss in sales.
Inflation also could be caused by a shortage of supply. If there are not enough goods to meet the demand for a good or service, this could lead to an increase in a manufacturer's or retailer's wholesale costs, which, in turn, would be passed along to consumers through higher retail prices.
Just Curious for more? We've got you covered
USA TODAY is exploring the questions you and others ask every day. From "What is inflation?" to "What is a recession?" to "How to enroll in Zelle?" – we're striving to find answers to the most common questions you ask every day. Head to our Just Curious section to see what else we can answer.
veryGood! (468)
Related
- Travis Hunter, the 2
- At least 21 deaths and 600 cases of dengue fever in Mali
- Survivors of domestic violence accuse military of purposeful cover-up
- Massachusetts man drives into utility workers and officer, steals cruiser, then flees, police say
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Volkswagen-commissioned audit finds no signs of forced labor at plant in China’s Xinjiang region
- Texas woman asks court for abortion because of pregnancy complications
- Major foundation commits $500 million to diversify national monuments across US
- B.A. Parker is learning the banjo
- Michael Urie keeps the laughter going as he stars in a revival of Broadway ‘Spamalot’
Ranking
- Nevada attorney general revives 2020 fake electors case
- Oregon power company to pay nearly $300 million to settle latest lawsuit over 2020 wildfires
- Senior UN official denounces ‘blatant disregard’ in Israel-Hamas war after many UN sites are hit
- Ohio House committee OKs contentious higher ed. bill, despite House leader claiming little support
- Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
- Why Lenny Kravitz Is Praising Zoë Kravitz's Fiancé Channing Tatum
- Jonathan Majors’ ex describes ‘substantial’ pain caused by actor as defense questions her drinking
- Watch 'mastermind' deer lead police on chase through Sam's Club in Southern California
Recommendation
Bill Belichick's salary at North Carolina: School releases football coach's contract details
Daddy Yankee says he's devoting himself to Christianity after retirement: 'Jesus lives in me'
Decades after Europe, turning blades send first commercial wind power onto US grid
Why Yellowstone Creator Taylor Sheridan Is Suing Actor Cole Hauser
NFL Week 15 picks straight up and against spread: Bills, Lions put No. 1 seed hopes on line
Italian prosecutors say no evidence of Russian secret service role in escape of suspect sought by US
College Board revises AP Black history class set to launch in 2024
New Zealand's Indigenous people are furious over plans to snuff out anti-smoking laws