The daily business briefing: December 14, 2023

The Fed signals three rate cuts in 2024, the Dow jumps to a record high, and more

Traders on the New York Stock Exchange
Traders on the New York Stock Exchange
(Image credit: Spencer Platt / Getty Images)

1. Fed signals interest rate cuts in 2024

The Federal Reserve ended its last policy meeting of 2023 on Wednesday by keeping interest rates unchanged and projecting three rate cuts next year. The Fed has aggressively raised rates to fight stubbornly high inflation. Recent signs that inflation is cooling have fueled hopes that the increased borrowing costs slowed the economy enough to bring inflation down to the Fed's 2% target without triggering a recession. Fed Chair Jerome Powell said after the meeting that the Fed's historic tightening of monetary policy is probably over and the time for reducing borrowing costs is coming "into view." Reuters

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