Gasoline/USD

In conjunction with the Federal Open Market Committee (FOMC) meeting held on September 17–18, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2027 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. post: *FED’S MEDIAN RATE FORECAST END-’24 AT 4.4%; PREV. 5.1% *FED’S MEDIAN RATE FORECAST END-’25 AT 3.4%; PREV. 4.1% *FED’S MEDIAN RATE FORECAST END-’26 AT 2.9%; PREV. 3.1% *FED’S MEDIAN RATE FORECAST END-’27 AT 2.9% *FED’S MEDIAN RATE FORECAST LONGER-RUN AT 2.9%; PREV. 2.8% post: FED PROJECTIONS IMPLY 50 BPS OF ADDITIONAL RATE CUTS IN 2024 FROM CURRENT LEVEL, 100 BPS MORE IN 2025 AND ANOTHER 50 BPS IN 2026 post: FOMC DOT PLOT pic.twitter.com/OFT4mrVis6

post: FED'S POWELL: THERE WAS BROAD SUPPORT FOR A 50 BPS CUT TODAY. post: POWELL: WE DON'T THINK WE ARE BEHIND THE CURVE post: POWELL: NO ONE SHOULD LOOK AT TODAY AND THINK THIS IS THE NEW PACE post: FED'S POWELL: WE ARE NOT THINKING ABOUT STOPPING RUNOFF BECAUSE OF THIS AT ALL. post: FED'S POWELL: CLEARLY LABOR MARKET CONDITIONS HAVE COOLED, BUT LEVEL OF CONDITIONS IS PRETTY CLOSE TO MAX EMPLOYMENT.