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The bond market remained stable on Thursday morning after the Federal Reserve kept interest rates unchanged on Wednesday, as bond exchange-traded funds stayed flat in early-morning trading.
The Fed kept rates at a 23-year high of between 5.25% and 5.5% on Wednesday as it strives to lower the 3.3% inflation rate to 2%.
“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the agency said in a statement on Wednesday.
But policymakers have said they will start lowering rates once they are assured that inflation is heading toward the 2% target. They also scaled back its forecast from three rate cuts to just one this year after an inflation rose in early 2024.
“The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks,” the Fed said.
Read also: Economists Feel Federal Reserve Will Lower Interest Rates Just Once This Year: Survey
Several bond ETFs were trading higher at the time of publication Thursday.
Fidelity Total Bond ETF (NYSE:FBND) shares edged up 0.2% to $45.29, while iShares Core Total USD Bond Market ETF (NASDAQ:IUSB) stock ticked up 0.24% to $45.43.
Stock held by iShares Core U.S. Aggregate Bond ETF (NYSE:AGG) were up 0.29% to $97.61 on Thursday morning. Vanguard Tax-Exempt Bond Index Fund ETF (NYSE:VTEB) shares went up 0.23% to $50.33.
The Fed also said it will keep lowering its holdings of Treasury securities and agency debt and agency mortgage‑backed securities as part of its 2% inflation goal.
“The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals,” the Fed said.
“The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments,” the central bank added.
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