Here’s when the Federal Reserve could cut interest rates in 2024

The Fed says rates will most likely be cut in 2024. But it wants more positive signs from the economy.

 Will the Federal Reserve lower interest rates? It’s a matter of when, not if, according to the central bank. But the Fed has indicated that consumers shouldn’t expect any cuts until at least the spring.

To combat ongoing inflation, it raised the federal funds rate 11 times between March 2022 and July 2023. After its December 2023 session, the Fed forecasted it would make three quarter-point cuts by the end of 2024 to lower the benchmark rate to 4.6%.

Prices have started to come down, but the group has signaled it wants to see more positive data before pulling the trigger.

At the first meeting of 2024, held Jan. 30 and 31, the Federal Open Market Committee (FOMC) held interest rates steady at a target range of 5.25 to 5.5%, the highest it’s been in more than 20 years.

The FOMC will have seven more opportunities to cut interest rates this year, starting with its next meeting on March 19 and 20.

Below, CNBC Select looks at when the Fed could lower interest rates, the factors it uses to consider changes and what consumers can do when rates come down.