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Fed's Powell tries to correct market's rationale behind six rate cuts in 2024 — and fails

In one of the more interesting takeaways from the Federal Reserve’s policy update on Wednesday, Chairman Jerome Powell tried to convince traders that their thinking behind as many as six rate cuts this year is flawed. It didn’t work.

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Live updates: Federal Reserve holds meeting to discuss interest rates

The Fed said Wednesday it will hold interest rates steady for the fourth time in a row, keeping them at a 23-year high. Wall Street still expects rate cuts sometime in 2024.

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