The Federal Open Market Committee held the fed funds rate steady at 5.25–5.5% at its September meeting. Fed chair Jerome Powell said the US seemed more likely to avoid a recession, but committee members projects, at most, modest rate cuts in 2024.

Observers differed on whether the FOMC would make more increases before the end of this year, though the committee’s own projections suggested the rate would be 5.6% at year end, implying perhaps one more small hike.

At the