BOSTON, MA, May 1, 2024 — The Federal Open Market Committee (FOMC) met today to assess the state of the U.S. economy and monetary policy.

What We Learned
As markets expected, the FOMC left the Federal Funds Target Rate unchanged at 5.25-5.50% for the third consecutive time this year. Recent inflation prints pose a dilemma for the Fed in that the data does not offer greater confidence for the FOMC to lower rates. The labor market has also continued to remain strong, further reducing any urgency to reduce rates. It is likely to take longer than the market expected for the Fed to have the necessary conviction to shift and meeting to meeting data dependency remains.

To receive the full commentary, please contact us at [email protected].