Federal Reserve (Fed) policymakers left their benchmark interest rate unchanged and near the highest level of this century – where it has held since mid-2023 – amid lingering inflation worries.

However, Fed officials on Wednesday hinted that costs are nearing a healthy level. That could open the door for rate reductions and lower borrowing costs ahead of a major expansion of the Lower 48 natural gas industry.

Fed policymakers anticipate cutting rates three times in 2024. During a press conference Wednesday, Fed Chairman Jerome Powell stopped short of a specific timeframe, but he said “sometime this year” rates could start to trickle lower.

[Get Better Intel: Where are natural gas prices in Canada heading in the next few years? NGI’s Forward Look now includes Westcoast...