Will The Fed Cut Interest Rates In May 2024. The federal reserve on wednesday left its benchmark interest rate unchanged and penciled in only one rate cut in 2024 as policymakers await more evidence that u.s. The federal reserve left its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade — as annual inflation rates continued to stall.

Federal reserve bank of atlanta president raphael bostic said he’s looking for “a little more data” before supporting a reduction in interest. Fed officials have been holding borrowing costs at 5.3 percent, the highest level.