Will The Fed Cut Interest Rates In July 2024. The fed first began hiking interest rates in march 2022 to combat surging inflation, raising the target federal funds rate from 0% to over 5% by last july, the level. Federal reserve officials said wednesday that while there are signs the economy is slowing, the fed was not yet ready to cut its key interest rate.

Although the fed chair jerome powell signaled at the end of 2023 that interest rate cuts could happen in 2024, they have yet to occur. August 21, 2024 at 2:00 pm edt.