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      "text": "We anticipate 100bps of rates cuts this year, coming at the May, June, September and December meetings, but faster disinflation could favor the Fed front-loading and speeding up rate cuts.",
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      "text": "1. \"Dot plot\" charts the median interest rate projection from the Federal Open Market Committee. The projections for the federal funds rate are the values at the end of the specified calendar year. Source: Bureau of Labor Statistics; Federal Reserve Board; EY analysis",
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      "text": "The Fed kept the federal funds rate unchanged at 5.25%-5.50% at the December Federal Open Market Committee (FOMC) meeting while signaling peak rates...",
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      "text": "Looking ahead, there's no reason to assume that the final mile of disinflation will be the most challenging. Five key elements have already materialized...",
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      "text": "The path may prove bumpy, but disinflation has more room to run in 2024. Headline inflation moved higher for the first time in three months, up 0.3ppt to 3.4% y/y in December 2023.",
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      "text": "Since disinflation bumpiness is to be expected, current market pricing of early and rapid rate cuts seems misplaced...",
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      "text": "The Fed's dovish pivot amid rapid disinflation sets the stage for policy easing this year; we foresee 100bps of \"policy recalibration\" rate cuts in 2024, starting in May",
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