Federal Reserve interest rate decision for May 2024: What to expect

Consumers will have to be patient as they wait for price increases to meaningfully slow down, economists say. With annual inflation rates stalling above its 2% target, the Federal Reserve was expected to keep its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade. Last month, the consumer price index came in at 3.5% on an annual basis, driven by rising housing costs and insurance rates, especially auto insurance.”We’re just a mile a way from the finish line,” said Mark Zandi, chief economist at Moody’s, referring to the economy reaching 2%…