Federal Reserve December Meeting Minutes: Unanimously believed that the interest rate hike cycle may have ended, did not discuss when to start cutting rates.

The minutes of the Federal Reserve meeting show that Fed officials unanimously believed at their December meeting last year that the rate hike cycle beginning in 2022 may have ended. There is a general consensus within the Fed that inflation has slowed, especially the six-month annualized inflation rate, and there are signs that supply chains are returning to normal. Moreover, as more people join the labor market, it begins to loosen. Fed officials stated that raising interest rates above 5% curbed consumer demand, thereby easing inflation. They did not discuss when to start cutting rates. The Fed's dot plot shows plans for three rate cuts in 2024.