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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

June 12, 2024

At its scheduled Federal Open Market Committee (FOMC) meeting, the Federal Reserve announced that it will maintain the target range for the federal funds rate 5.25% to 5.50%. Reductions in the target range were not considered appropriate at this time as the Committee has yet to see sustained movements towards the 2% inflation target with the uncertain economic outlook. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May 2022. Beginning in June, the Committee will reduce the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities.

Recent economic indicators show that US economy has been expanding at a steady pace. Over the past year, inflation has eased, but remains elevated above the 2% target rate. The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 3.3% year-over-year in May 2024. Job gains have remained strong with unemployment remaining low. US real GDP growth was estimated at 1.3% (seasonally adjusted annualized rate) in Q1 2024 in the second estimate.

The Federal Open Market Committee released their economic projections. The FMOC projects that real GDP will grow by 2.1% in 2024, 2.0% in 2025, and 2.0% in 2026, no change from their March projections. The unemployment rate is projected to be 4.0% in 2024 (unchanged from March projections), 4.2% in 2025 and 4.1% in 2026 (revised up 0.1 percentage point). Inflation is projected to be 2.6% in 2024 (up 0.2 percentage points from March projections), 2.3% in 2025 (up 0.1 percentage point) and 2.0% in 2026 (unchanged). 

The Committee will continue to monitor economic developments and is prepared to adjust the monetary policy measures as appropriate, considering information on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The next scheduled FOMC meeting will be held on July 30-31, 2024.

Source: US Federal Reserve, FOMC Press ReleaseFMOC Projections

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