Is The Fed Cutting Rates In 2024. Seongjoon cho/bloomberg via getty images. Prior to its september meeting, the fed was forecasting that the federal funds rate, used as a benchmark for bank to bank lending, would hit 5.1% this year, just a hair below the 5.25% to 5.50%.
Among 21 primary dealers polled, nearly 60%, or 12, expected the fed to reduce rates twice in 2024. The fed now projects just one rate cut in 2024, down from multiple ones in its previous projection.