After two years of multiple interest rate hikes by the FOMC, December's 2023 meeting implied that there may be a reversal going into 2024. Along with the decision to stay on hold, committee members penciled in at least three rate cuts in 2024, assuming quarter percentage point increments. That's less than what the market had been pricing, but more aggressive than what officials had previously indicated. The central bank's post-meeting statement noted that 'inflation has eased over the past year but remains elevated,' which is a change from the usual sentence simply stating that 'inflation remains elevated.'