Federal Open Market Committee (FOMC) published revised economic projections and an updated statement presenting a more positive outlook of the U.S. economy.


The U.S. Consumer Price Index (CPI) report for November 2023 is one of the recent economic indicators that this announcement is based on. October’s reported 3% year-over-year CPI figures were marginally exceeded by the 3.1% year-over-year increase.

Comparing November to the previous month, when there was a 0% month-over-month change, the month-over-month CPI grew by 0.1%, indicating a slight improvement.


The GDP growth estimate for this year has been revised upward to 2.6%, exceeding the previous estimate of 2.1% made in September, according to the most recent projections.

In 2024, GDP growth is expected to be 1.4%, which is a little less than the 1.5% previously predicted.

The inflation rate for personal consumption expenditures (PCE) has also significantly decreased, according to the Federal Reserve’s updated projections.

In 2023, the forecast predicts a PCE inflation rate of 2.8%, down from the 3.4% estimate released in September. Furthermore, estimates are 2.4%, 2.1%, and 2% for 2024, 2025, and the end of 2026, respectively.


The median Federal funds rate projection was revised and is now anticipated to be 4.6% in 2024.

With a potential rate cut of 75 basis points, this represents a decline from the 5.1% predicted in September.



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