The minutes from the FOMC's mid-December meeting suggest the committee aims to remain restrictive, though it acknowledges it may be cutting rates this year should recent progress on inflation continue. Despite market yearning for cuts, there was no large debate around when to start lowering rates.
As widely expected, the FOMC left the fed funds target range unchanged at 5.25%-5.50% in a unanimous vote. The decision marked the third consecutive meeting that the Committee held policy steady. While the rate decision came as no surprise, this week's meeting shaped up to be one of the clearest messages yet that the torrid hiking cycle that began in March 2022 has come to an end.
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