Fed cuts inflation, interest forecasts; ups unemployment estimates

An updated report by the US Federal Reserve reveals the economic forecasts of its board of governors, indicating interest cuts at a faster pace than previously estimated.

The report also indicated policymakers' median forecasts for 2024 economic growth, with a significant reduction in its forecasts for inflation and an increase in unemployment estimates.

These estimates indicated a change in the economic indicators in Q4 2024 year-on-year (YoY), pointing to an unemployment rate of 4.2% in August and a personal consumption expenditure rate of 2.5% in July.