Summary of the Fed's Decision Last Night:
1. Fed leaves interest rates unchanged for seventh consecutive meeting
2. Officials raise 2024 inflation forecast from 2.4% to 2.6%
3. The median forecast suggests only one rate cut in 2024
4. Median forecast suggests a 100bps rate cut in 2025
5. Fed says inflation has eased "but remains high"
6. Median estimated Core PCE inflation in 2024 rose from 2.6% to 2.8%
