🏛 The Fed keeps its policy rate at a target range of 5.25% - 5.50%, a 22-year high.📈 The updated dotplot signals one more hike for 2023 and reinforces the higher for longer narrative.➡️ For the end of 2024, the officials see a federal funds rate of 5.1% as appropriate, an implied 50bp cut. In June their median estimate was 4.6%, an implied 100bp cut.Uncertainty, however, remains for 2024 and especially going out to 2025.