As everybody has already heard, the Federal Reserve’s Dot Plot changed a great deal, to now expecting .75% in cuts in 2024. The market or the Federal Funds futures are now expecting 1.5% in cuts for 2024. This was the “pivot” meeting, even though they did not cut rates. So why did the Fed do this? Each Fed member gives their forecast, and the Dot Plot is the average, or rather the central tendency. GDP growth is now expected to drop to 1.2%-1.7%, the unemployment rate to 4.0%-4.2%, and the PCE Inflation rate 2.2%-2.5%.