Banknotes: January to March 2024

A round-up of news and salient issues that have affected central bankers in the past three months

European Central Bank
Monetary policyFOMC continues to hold

The Federal Open Market Committee held the fed funds rate at 5.25–5.5% at its December 2023 session. Chair Jerome Powell said it was unlikely the Fed would raise rates further, but FOMC projections indicated fairly modest cuts – perhaps 75bp or 100bp – by the end of 2024. The Fed also expects US inflation, measured by the personal consumption expenditures index, will not reach 2% until 2026. 

The FOMC maintained the fed funds rate at 5.25–5.5% at its January

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