Today’s FOMC meeting came in with one very important update. The Fed has priced in at least 75bps of cuts for 2024 in its summary of economic projections (SEP), and has produced an updated dot-plot chart for next year and beyond. In addition, they maintained the pause in hikes, and are continuing QT as per prior reports.
Accordingly, the Fed is gradually adopting a soft landing stance. A very dovish statement.