By TILLY ARMSTRONG ASSISTANT CONSUMER EDITOR FOR DAILYMAIL.COM
PUBLISHED: 12:49 EDT, 31 July 2024 | UPDATED: 17:22 EDT, 31 July 2024
The Federal Reserve has held interest rates steady for the sixth consecutive time, but hinted it is closer to cuts.
Fed Chair Jerome Powell said an interest rate cut could be possible next month, and the central bank made notable changes to its policy statement, indicating that inflation is getting closer to its 2 percent target.
Stocks rallied following the announcement, in good news for American 401(K) accounts.