The price of the dollar in the Central Bank of Egypt stabilized at the end of trading levels today, Wednesday, March 20, 2024.
The price of the dollar today was as follows:
Buy: 46.88 pounds
Sell: 47.1
This came after the US Federal Reserve decided to fix interest rates at a range of 5.25% – 5.50% for the fifth consecutive meeting since July 2023.
The US Federal Reserve decided to fix the federal funds rate in a range of 5.25% to 5.5%.
The Fed began its wave of rate hikes in March 2022 as inflation surged during the pandemic, reaching a 40-year high in June of that year. Although inflation has slowed rapidly since then, it is still higher than the Fed would like. Federal Reserve.
The Fed kept its forward guidance unchanged while stressing that they need more evidence that inflation is on a sustainable path towards its 2% target before cutting interest rates.
Economists still believe that the Fed may cut interest rates several times in 2024, although some economists now expect fewer cuts than they previously expected. For example, Goldman Sachs said it plans three cuts in 2024, down from its expectations. Previous to four reductions this year.
Economists at Goldman Sachs said in a research note that this change “is mainly due to inflation being slightly stronger than we expected.”
Last February, consumer prices rose 3.2% year over year, faster than January’s pace of 3.1% and well above the 2% target sought by the Federal Reserve.
To be sure, inflation has slowed considerably after reaching a four-decade peak of 9.1% in June 2022, but it remains above pre-pandemic levels of about 2% and represents one reason economists believe the Fed will pull back on… Interest rate cuts until at least June.
Powell has repeatedly suggested that cutting interest rates too early could lead to a return of inflation, causing more financial pain for consumers and businesses.
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