According to the FOMC Minutes:
- Members generally perceived the inclusion of the word "any" in remarks about potential additional firming as a way to convey their assessment that rates were probably at or close to the peak of the cycle.
- According to the projections, nearly all participants indicated that their baseline suggested a lower federal funds rate would be suitable by the conclusion of 2024.
- Additionally, several participants noted that situations could justify maintaining the policy rate at its current level for a longer duration than their current expectations.
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