The Federal Reserve has laid down the groundwork for potential interest rate reductions later this year, signaling a shift from the protracted phase of restrictive monetary policy that has spanned over two years. In its March meeting, the Federal Open Market Committee (FOMC) chose to maintain rates steady at 5.25%-5.5%, aligning with investor expectations. Fed eyes three cuts in 2024, smoother path in 2025 and 2026The intrigue lies in the Fed’s new economic projections, which hint at three rate cuts within the current year, with the mid-point of the fed funds rate expected to descend to 4.6% b…