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It’s deja vu all over again: The Federal Reserve is expected to take no action on interest rates at its monthly meeting on Wednesday, leaving them perched at a 23-year high as the market ponders when the cutting will commence. If that scenario plays out, the central bank’s key short-term rate will remain at 5.25% to 5.5%, where it has sat since July. Interest rates have been in a holding pattern for months. Forecasters had projected the first rate cut in June, and a total of three decreases in 2024. Now, they predict just one cut, in September.
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