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Fed Governors Offer Differing Views on Rate Cuts in 2024

12/27/2023

Some of the governors with the Federal Reserve have offered some additional insights into their thinking around the direction of rates in 2024, although there is some disagreement around how many rate cuts might take place and when.

San Francisco Fed President Mary Daly said her outlook for interest rates and inflation was “very close” to the median of projections from 19 Fed officials who met last week and opted to leave rates steady, indicating as many as three rate cuts could take place in 2024.

“We’re acknowledging progress when progress is there,” Daly said in an interview with the Wall Street Journal, adding that it’s her view if inflation continues its steady decline of recent months, the Fed’s benchmark interest rate “will still be quite restrictive even if we [cut rates] three times next year.”

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