The Federal Reserve plans to keep raising rates at future meetings, but at a slower pace than it has for the last four meetings. Today the Fed once again voted unanimously to raise rates by three-quarters of a percentage point – 75 basis points (bps) – bringing the target for the federal funds rate to 3.75 – 4.00%, but far more attention is being paid to the path forward from this point. While today’s statement was not accompanied by updated rate forecasts from the Fed (our next look at the dot plots comes in December), it’s clear a shift is on the horizon.
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