Economy

US Federal Reserve sees interest rates staying higher for longer

In December central bankers voted unanimously to hold the benchmark lending rate steady in a range of 5.25 per cent to 5.5 per cent

Futures markets have been anticipating the Fed will cut rates six times this year

According to the minutes of the December Federal Open Market Committee meeting,

Federal Reserve policymakers agreed that it would be appropriate to maintain a restrictive stance “for some time,” while acknowledging they were probably at the peak rate and would begin cutting in 2024.

“Participants viewed the policy rate as likely at or near its peak for this tightening cycle,” according to the minutes of the December 12-13 meeting released Wednesday.

That said, officials “reaffirmed ...