SUMMARY OF FED DECISION (6/12/24):
1. Fed leaves rates unchanged for 7th straight meeting
2. Officials raise 2024 inflation forecast from 2.4% to 2.6%
3. Median forecasts shows just 1 rate cut in 2024
4. Median forecast shows 100 bps of rate cuts in 2025
5. Fed says inflation has eased "but remains elevated"
6. Median 2024 Core PCE inflation estimate up from 2.6% to 2.8%
We expect the Fed to continue their "meeting by meeting" approach.
The Fed also said that inflation has made "modest further progress in recent months."
Meanwhile, inflation is still above late-2023 levels but down from its recent high.
One rate cut in 2024 is the base case.
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