The Federal Reserve's minutes of the December 13-14 [policy meeting, which ended with no change in interest rates at below 5.50%, now showed expectations of interest rate cuts worth 75 basis points in 2023, with five members even expecting more cuts.
The minutes showed the members on average expect interest rates to fall to 4.6% by the end of the year.
The minutes showed that policymakers believe interest rates have reached their peak, with upcoming decisions relying on economic developments.
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