The Globe and Mail reports in its Thursday, March 21, edition that on Wednesday, the U.S. Federal Reserve indicated that it still plans to reduce its primary interest rate three times in 2024. An Associated Press dispatch to The Globe reports that the BOC, however, anticipates fewer rate cuts in 2025. BOC officials have maintained their benchmark interest rate at the same level for the fifth consecutive time. In new quarterly projections they issued, the Fed officials forecast that stronger growth and stubborn inflation would persist this year and next. As a result, they predicted that interest rates would have to stay slightly higher for longer. On Wednesday, chairman Jerome Powell noted that inflation has cooled considerably from its peak. However, he added, "inflation is still too high, ongoing progress in bringing it down is not assured and the path forward is uncertain." The Fed's policy-makers now foresee three rate cuts in 2025, down from four in their December projections. They expect "core" inflation, which excludes volatile food and energy costs, to still be 2.6 per cent by the end of 2024, up from their previous projection of 2.4 per cent. In January, core inflation was 2.8 per cent.