Capitulation: Dovish Shift for Fed at December FOMC Meeting

The Federal Reserve once again kept rates unchanged at the December 13 FOMC meeting, leaving them at levels set on July 26, 2023 and strengthening our long-held conviction that the Fed might be done with hikes for this cycle. Washington Policy Strategist Tom Block had previously emphasized that “Chair Powell strives to achieve a unanimous vote by the Committee when it reaches rate decisions,” and this month, Powell succeeded again. As it has in previous meetings, the Fed acknowledged the co...

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