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By leaving the policy rate unchanged and Chair Powell explicitly mentioning the Fed is waiting to see the details of new policies, the FOMC signaled readiness to remain patient to assess the impact of changes in the policy landscape on the economic outlook. The latest Fed communication reaffirms our expectations that the central bank will stay on hold throughout H1 2025.
Figure 1. Fed leaves rates unchanged in January 2025
Sources: Federal Reserve Board and The Conference Board projections (light blue line) and approximations for Fed policy path (red line).
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