The Fed paused rate hikes in September and maintained its target range for the federal funds rate at 5.25%-5.50%. Despite this, the Fed reinforced its commitment to "higher for longer" interest rates and provided a more hawkish outlook on interest rates for 2024 compared to earlier forecasts.
According to the September dot plot, a majority of officials projected the policy rate to be within the range of 4.875% to 5....