The Federal Reserve signaled interest rate cuts are coming in 2024, which will make borrowing less expensive for businesses and consumers.
The Fed indicated they will cut rates at least 3 times in 2024.
"We are seeing strong growth that ... appears to be moderating. We are seeing a labor market that is coming back into balance ... We're seeing inflation making real progress," Jerome Powell, Chair of the Federal Reserve, said. "These are the things we've been wanting to see.”
With inflation under control, unemployment at a 50-year low, and interest rates dropping, companies are investing in new projects and everyday Americans are finding themselves able to buy those larger purchases they’ve been holding out for.