{"id":90272,"date":"2024-03-21T00:00:00","date_gmt":"2024-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/cbuae-holds-rates-steady-following-fed-decision-plus-fed-signals-three-rate-cuts-this-year\/"},"modified":"2024-03-21T00:00:00","modified_gmt":"2024-03-21T00:00:00","slug":"cbuae-holds-rates-steady-following-fed-decision-plus-fed-signals-three-rate-cuts-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/21\/cbuae-holds-rates-steady-following-fed-decision-plus-fed-signals-three-rate-cuts-this-year\/","title":{"rendered":"CBUAE holds rates steady following Fed decision. PLUS: Fed signals three rate cuts this year"},"content":{"rendered":"

The Central Bank of the UAE followed in the US Federal Reserve\u2019s footsteps to keep <\/strong>interest rates steady yesterday<\/strong>, maintaining its overnight deposit rate at 5.40% and the overnight lending rate at 5.90%, it said in a statement<\/a> late yesterday.<\/p>\n

REMEMBER-<\/strong> The UAE\u2019s overnight deposit rate, or the base rate on overnight deposit facilities, is anchored to the US Federal Reserve\u2019s interest rates as the AED is pegged to the USD.<\/p>\n

Not a surprise: <\/strong>The Fed\u2019s decision to keep rates unchanged at 5.25-5.5% is in line with expectations, following what it cited as solid expansion of economic activity, elevated but easing inflation, strong job gains, and low unemployment, it said in a press release<\/a>. <\/p>\n

Sit tight for three rate cuts this year: <\/strong>Policymakers signaled that the central bank<\/a> is still on track for rate cuts this year, with a three-quarters of a percentage point cut expected before the end of 2024. <\/p>\n

But less rate cuts next year: <\/strong>Officials have dialed down expectations for rate cuts next year from four down to three, in what one analyst described as a \u201cbullish-dovish\u201d approach from the Fed.<\/p>\n

Bullish on growth: <\/strong>The Fed raised its forecast for US economic growth this year, saying that it expects GDP to expand by 2.1% this year, compared to previous forecasts of 1.4%. \u201cThe economy is performing well,\u201d Fed chair Jerome Powell said during a presser (watch, runtime: 1:11:22<\/a>) after the Fed wrapped up its two-day meeting. That said, he added that there will be challenges before the economy moves into a soft landing, with core inflation projections currently sat at 2.6% in 2024, above the Fed\u2019s 2% target.<\/p>\n

Market reax:<\/strong> The Fed\u2019s meeting sent investors to market, leading to a spike in the S&P 500, which closed at a record 5,225 on Wednesday. Tech-heavy Nasdaq 100 rose 1.2% while gold rose 1.6% to as much as USD 2,200 per ounce<\/a> for the first time. Two-year Treasury yields fell 0.09 percentage points to 4.60%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Officials have dialed down expectations for rate cuts next year from four down to three<\/p>\n","protected":false},"author":1,"featured_media":90273,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[476,19,7,331],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-cbuae","tag-economy","tag-enterpriseam-uae","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"7396543a-6c1f-4bac-8829-95d653d3ea6e","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2590.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CBUAE holds rates steady following Fed decision. 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