The Federal Reserve’s monetary policy committee held constant the federal funds rate constant at a top target of 5.5% at the conclusion of its April-May meeting. …Overall, the central bank continues to look for lower inflation readings, with the data having shown limited progress in recent months. Despite the ongoing policy pause, the current meeting did not tilt the Fed’s policy bias toward hawkishness. For example, Fed Chair Powell noted that an additional rate hike is all but ruled out. …With inflation data moderating at a slower than expected pace and economic growth remaining solid, forecasters are pushing back the timing and number of rate cuts expected for 2024. NAHB’s current forecast continues to call for two rate cuts during the second half of 2024. However, this may be reduced to just one dependent on incoming economic data.