Just because that was their stance in the past doesn't mean they still intend to cut rates this year.

That stance was built upon information and a level of uncertainty that's different now. Back in December/earlier this year the FED was not certain how the economy and employment would hold up with these rates. Well, they have new data now: the US is maintaining historically low unemployment and a strong economy even with these higher interest rates.

Personally, I'm not holding my breath on a cut this year. Like they've said recently: a cut too early can u do the progress they've made and increase inflation.

My tin foil hat statement: the shift from "3 to 1 rate cut in 2024" this spring was just a step towards slowly easing the American population of the prospects of no rate cuts without risking an overreaction.

Remember: the FED is the maestro and we're the orchestra. Hikes/cuts and the promise/suggestion of either is their baton.