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How the Fed Hid a Rate Hike in Its Rate 'Cuts' for 2024
The outlook from U.S. Federal Reserve officials at their meeting this week sees interest rate cuts beginning next year, relief, it would seem, from the ratcheting up of borrowing costs that has been underway since the spring of 2022 and left consumers and businesses grousing about their mortgages and bank deals. But coupled with the anticipated path of inflation, those projections actually indicate monetary policy will grow more restrictive through 2024 on a "real" or inflation-adjusted basis. That means financial conditions may not become as freewheeling as the headline rate numbers suggest. It's a nuance ... (full story)