Banknotes: January to March 2024
A round-up of news and salient issues that have affected central bankers in the past three months
The Federal Open Market Committee held the fed funds rate at 5.25–5.5% at its December 2023 session. Chair Jerome Powell said it was unlikely the Fed would raise rates further, but FOMC projections indicated fairly modest cuts – perhaps 75bp or 100bp – by the end of 2024. The Fed also expects US inflation, measured by the personal consumption expenditures index, will not reach 2% until 2026.
The FOMC maintained the fed funds rate at 5.25–5.5% at its January
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