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FOMC dot plot & central tendencies from March 2024 meeting.EOY 2024 rate 4.6% vs 4.6% last

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The FOMC dot plot from December 2024 showed the median rate at the end of 2024 at 4.6%. In the March report:

  • For 2024, the median fed funds target rate is now 4.6% vs 4.6% in December
  • For 2025, the median fed funds target rate is now 3.9% vs 3.6% in December
  • For 2026, the median fed funds target rate is now 3.1% vs 2.9% in December

Below is the new dot plot from March 2024:

For comparison, the dot plot from December 2023 showed the following:

The Dot plot from December 2023

Regarding the central tendencies for GDP, Unemployment and PCE inflation (headline and core) below is the table with comparisons from December:

Fed Central Tendencies from March 2024

Highlights from the central tendencies:

  • PCE inflation for 2024 unchanged at 2.4%
  • Core PCE inflation for 2024 moved higher from 2.4% to 2.6%
  • Unemployment for 2024 moved lower from 4.1% to 4.0%
  • GDP for 2024 moved higher from 1.4% to 2.1%

The USD has moved lower.

  • EURUSD moved from 1.08652 to the current rate of 1.0876
  • USDJPY moved from 151.59 to the current rate of 151.48
  • GBPUSD moved from 1.2719 to the current rate of 1.2740
  • USDCHF moved from 0.8906 to the current rate of 0.8894
  • USDCAD moved from 1.3550 to the current rate of 1.3530

in the US stock market

  • S&P index moved from 5174.17 to 5196.17
  • NASDAQ index moved from 16158.70 to 16254.59
  • Dow moved from 39107 to 39245

US yields moved lower:

  • 2year yield, 4.672% moved to 4.634%
  • 5-year yield 4.283% moved to 4.258%
  • 10 year yield 4.280% moved to 4.276%
  • 30-year yield 4.431% moved to 4.448%

About 80 basis points of a cuts are priced in the market from 75 basis points before the release

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