FED LOWERS BENCHMARK RATE 25 BPS TO 4.25%-4.50% TARGET RANGE
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FOMC MEDIAN FORECAST SHOWS 50 BPS OF RATE CUTS IN 2025 TO 3.9%
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*FED’S MEDIAN RATE FORECAST END-’24 AT 4.4%; PREV. 4.4%
*FED’S MEDIAN RATE FORECAST END-’25 AT 3.9%; PREV. 3.4%
*FED’S MEDIAN RATE FORECAST END-’26 AT 3.4%; PREV. 2.9%
*FED’S MEDIAN RATE FORECAST END-’27 AT 3.1%; PREV. 2.9%
*FED’S MEDIAN RATE FORECAST LONGER-RUN AT 3%; PREV. 2.9%
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*FED’S MEDIAN RATE FORECAST END-’25 AT 3.9%; PREV. 3.4%
*FED’S MEDIAN RATE FORECAST END-’26 AT 3.4%; PREV. 2.9%
*FED’S MEDIAN RATE FORECAST END-’27 AT 3.1%; PREV. 2.9%
*FED’S MEDIAN RATE FORECAST LONGER-RUN AT 3%; PREV. 2.9%
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FED SAYS CLEVELAND'S HAMMACK DISSENTED IN FAVOR OF NO RATE CUT
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US RATE FUTURES PRICE IN MORE THAN 90% CHANCE FED WILL HOLD RATES AT JANUARY MEETING - LSEG ESTIMATES
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US RATE FUTURES PRICE IN JUST TWO RATE CUTS IN 2025 AFTER FED EASES BY 25 BPS -LSEG ESTIMATES
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DOLLAR CLIMBS TO HIGHEST SINCE NOV. 2022 AFTER FED DECISION
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FED STATEMENT CHANGE QUESTIONS PACE OF MORE CUTS
A change in the Fed's policy statement from its most recent perspective in November hints at questions inside the central bank over the timing of future interest-rate cuts. The new statement says: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." That updates previous language that only referred to "considering additional adjustments to the target range," without discussing "extent and timing," alluding to uncertainty over whether the central bank will continue with another rate at its January meeting or take a pause.
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A change in the Fed's policy statement from its most recent perspective in November hints at questions inside the central bank over the timing of future interest-rate cuts. The new statement says: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." That updates previous language that only referred to "considering additional adjustments to the target range," without discussing "extent and timing," alluding to uncertainty over whether the central bank will continue with another rate at its January meeting or take a pause.
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US TREASURY 10-YEAR YIELD HITS FRESH FOUR-WEEK HIGH, LAST UP 6.9 BPS AT 4.454%
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FED EXPECTS FEWER 2025 RATE CUTS
The Fed's latest dot plot projects fewer rate cuts in 2025 than central bankers were expecting in the previous forecast, from September. The median Fed official now expects the fed funds rate to finish 2025 at 3.9%--two fewer quarter-point rate cuts than the 3.4% level anticipated in September. Fed officials also grew more concerned that inflation will remain stubborn next year. The median official expects 12-month PCE inflation and core PCE inflation to both finish 2025 at 2.5%, up from estimates of 2.1% and 2.2% in September. The Fed also now thinks unemployment will stay slightly lower next year than the previous guidance: 4.3%, versus 4.4% three months ago.
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The Fed's latest dot plot projects fewer rate cuts in 2025 than central bankers were expecting in the previous forecast, from September. The median Fed official now expects the fed funds rate to finish 2025 at 3.9%--two fewer quarter-point rate cuts than the 3.4% level anticipated in September. Fed officials also grew more concerned that inflation will remain stubborn next year. The median official expects 12-month PCE inflation and core PCE inflation to both finish 2025 at 2.5%, up from estimates of 2.1% and 2.2% in September. The Fed also now thinks unemployment will stay slightly lower next year than the previous guidance: 4.3%, versus 4.4% three months ago.
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$AAPL - APPLE ALSO SHUT DOWN ITS PAY LATER OFFERING EARLIER THIS YEAR
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$AAPL - APPLE ENDS EFFORT TO BUILD IPHONE HARDWARE SUBSCRIPTION SERVICE
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POWELL: LABOR MARKET NOT A SOURCE OF INFLATION PRESSURES
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FED'S POWELL: INFLATION EXPECTATIONS REMAIN WELL ANCHORED
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POWELL: POLICYMAKER PROJECTIONS FOR POLICY RATE ARE HIGHER FOR NEXT YEAR, CONSISTENT WITH HIGHER INFLATION
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