The chart of the week is the Federal Reserve’s most recent “dot plot” which is released on a quarterly basis. The dot plot shows the expectations for the federal funds rate in the future based on each Federal Reserve official’s thinking. As it currently stands, the expectations are for one more 25 basis point hike before year-end 2023, and then 50 basis points of cuts in 2024. What is clear from the most recent plot is the Fed officials are expecting rates to decrease over time, both in 2024, 2025 and 2026 and “longer term”. Stay tuned.