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March 2024 Monthly
Rarely are officials able to achieve the proverbial economic soft-landing when higher interest rates help cool price pressures without triggering a significant rise in unemployment or a contraction. Yet, without declaring victory, the Federal Reserve's confidence that this will be achieved has risen. Still, its increased confidence is unlikely to lead to a rate cut this month. To appreciate where things stand begins with recognizing that what has characterized the first two months of the year is a reaction and correction to what happened in Q4 23. The decline in interest rates in the last few months of 2023, in turn, ... (full story)