Perspectives

  • The Fed Report: November 2024

    • As widely expected, the FOMC lowered the target range for the federal funds rate at its November meeting by 25 basis points to 4.50-4.75%, marking the second rate cut in this easing cycle.
    • Importantly, Chair Powell characterized this rate cut as another step in the monetary policy recalibration process to help maintain the strength of the economy and the labor market while enabling further progress on inflation.
    • Monetary policy continues to be on a path toward a neutral stance, though the pace of policy normalization and the ultimate neutral level will remain dependent upon incoming economic data.
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