Instant Reaction: The Fed Decides
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 13 December 2023
⏱️ 33 minutes
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Summary
Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance.
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Transcript
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| 1:01.0 | Doves fly at the Fed as officials signal they are done raising rates, instead raising the number of rate cuts they |
| 1:13.1 | see next year. Officials left the overnight rate unchanged at five and a quarter to five and a half |
| 1:18.5 | percent, but they essentially confirm that's it. The money quote from the statement gets a one-word |
| 1:24.7 | addition in determining the extent of any additional policy firming that may be |
| 1:30.5 | appropriate to return inflation to 2%. The dot plot, meanwhile, sees 75 basis points of cuts next year, |
| 1:37.7 | one more move than they saw in September. The dispersion is wide, however, with eight seeing fewer than those three cuts, five seeing more than three. |
| 1:49.2 | In 2025, they see an additional four rate cuts, one down from September, and two more in |
| 1:55.5 | 26. The longer run neutral rate remains at two and a half percent. |
| 2:00.6 | Their move comes as they significantly lower their median headline inflation forecast this year |
| 2:05.7 | to 2.8%. As the statement notes, inflation has eased over the past year, but remains elevated. |
| 2:14.2 | In the median forecast, it falls further in 2024 to 2.4%, 2.1% in 2025, and 2% finally in |
| 2:23.7 | 2006. |
| 2:25.3 | Core PCE inflation, 3.2% this year, down from September's forecast of 3.7%. |
... |
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