December US FOMC changed to pigeon faction! Check out the highlights in a list

・The US FOMC unanimously decided to leave the policy interest rate unchanged at 5.25-5.5%

・Statements and Chairman Powell's press conference are dovish

・Dot Plot suggests 3 interest rate cuts next year, and cuts have been further accelerated from 2 as of September

・Market participants took this as an important signal of the Federal Reserve's monetary policy shift, and US stocks skyrocketed

In the wording of the resolution, the following 3 points were changed compared to the statement announced on November 1.

① As for economic growth, November's “economic activityStrong pace in the third quarterFrom “expansion” to “growth in economic activitySlowing down from strong pace in Q3It was changed to “I did it.”

② Regarding the inflation rate, “What is the inflation rateIt's still high” to “What is the rate of inflationRelaxed in the past 1 yearIt was changed to “it is still high.”

③ Regarding the FOMC statement, the wording “when determining the degree of additional monetary tightening that may be appropriate in order to return the inflation rate to 2% over the long term” is “before additional monetary tightening”How much (any)” was added, and it seems that the intention to raise interest rates was slightly weakened.

According to the economic outlook by FOMC members, the year-on-year growth rate for the 10-12 fiscal year for both the composite index and core index for the personal consumption expenditure (PCE) price index is from 2023 to 2025Downward correctionIt was done. The year-on-year growth rate of real GDP in 2024 for the 10-12 fiscal yearDownward correctionIt has been done, and these are dot chartsIt led to an increase in the number of interest rate cuts in 2024It is presumed that.