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Hope Morgan

Hope Morgan

BPS Market Leader
Movement Mortgage
NMLS ID # 476322
228 W. Church Street, Ste 200-300, Salisbury, MD 21801
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p: (410) 251-6398
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Has the Fed Changed Their 2024 Outlook?

By: Movement Staff
September 22, 2023

A more hawkish Fed. That was the tone of the FOMC meeting on Wednesday. As expected, the FOMC opted to keep rates unchanged for this month. However, what caught many by surprise was the Fed's future guidance. Twelve out of the nineteen members projected another rate hike in 2023, while the committee reduced its rate cut projection for 2024. These projections caught markets somewhat off guard resulting in 2-year yields going through 5.15% and 10-year yields up through 4.42, about a 10bps jump on both. The prevailing market narrative suggests that the Fed has finished hiking rates, but that rates will remain “higher for longer.”

Market participants point to the lowering inflation trend and the labor market realignment as key factors in another Fed pause at the November meeting. Additionally, Thursday morning economic data saw another soft print on jobless claims, which sent yields higher yet again. The tug-of-war between the markets and the Fed, coupled with increasing discussions about a potential government shutdown in early October, suggests that volatility is likely to persist.

Author: Movement Staff

The Market Update is a weekly commentary compiled by a group of Movement Mortgage capital markets analysts with decades of combined expertise in the financial field. Movement's staff helps take complicated economic topics and turn them into a useful, easy to understand analysis to help you make the best decisions for your financial future.


Hope Morgan
Hope Morgan
BPS Market Leader
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228 W. Church Street, Ste 200-300, Salisbury, MD 21801
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NMLS # 476322

State License #DE-MLO-476322, MD-476322, VA- MLO-10455VA