QCP: The last Fed meeting of 2024 happens and is expected to cut rates by 25bps and release the final dot plot of the year. We anticipate tonight's statement and dot plot to carry a slightly hawkish tone, reflecting US inflation stabilizing above the Fed's 2% target and a robust labor market. Expect the statement to remain non-committal for the path of rate cuts in 2025, emphasizing the difficulties of accelerating rate reductions. Meanwhile, the dot plot is expected to telegraph 3 cuts for 2025.