Quick Take
In accordance with market expectations, the Federal Reserve maintained a steady stance in its recent meeting, holding the federal funds rate constant between 5.25 and 5.50. A significant takeaway from this meeting is the indication of the monetary policy’s direction for the near future. With one more Fed meeting scheduled for 2023, the odds currently suggest a 73% probability of maintaining the status quo. The first rate cut, as indicated by these trends, may not occur until June 2024.
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