The June FOMC meeting did not support the 'hawkish Fed' view, with policymakers signaling a slower pace of policy normalization.
The fabled dot plot is unreliable, with expectations liable to shift; while median projects one cut in 2024, 8 members expect two, possibly more joining in September.
Inflation interpretation shifted to a range rather than precisely 2%; SEP projections revised higher with easing penciled in, signaling a more dovish approach.
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