Interest Rate CutsThis week, the Fed held its key interest rate steady for the 3rd straight time and set the table for multiple cuts to come in 2024 and beyond, keeping the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%. They penciled in at least 3 rate cuts in 2024, after 11 hikes since 2022, assuming 0.25 pt increments, less than market pricing, but more aggressive than what officials had previously indicated.
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