The Federal Reserve (Fed) left policy rates unchanged, as expected.
The Federal Reserve left policy rates unchanged, as expected. Economists at Wells Fargo analyze the Fed’s outlook. An announcement to slow the pace of quantitative tightening is coming at the May 1 meeting As was widely expected, the FOMC left the fed funds target range unchanged at 5.25%-5.50% after its March meeting. The Summary of Economic Projections showed that the vast majority of the Committee continues to believe some easing of policy will be appropriate this year.
However, the distribution of expectations shifted higher for 2024 and the median dot for 2025 and 2026 moved up 25 bps, implying an incrementally more hawkish outlook. Notably, the median ’longer-run’ dot also moved higher. We continue to look for the FOMC to start reducing the fed funds rate at its June 12 meeting.
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