"Federal Reserve projects core PCE to decline to 2.4% by 2024"

The Federal Reserve has lowered its inflation forecast, expecting the core personal consumption expenditures (PCE) price index to fall to 2.4% in 2024. The central bank also upgraded its forecast for gross domestic product (GDP) growth in 2023 to 2.6%. Projections for the unemployment rate remained largely unchanged. The Fed's dot plot showed a median expectation of three quarter-point rate reductions by the end of 2024, bringing the targeted range to 4.6%.