The Fed's Terminal Rate Debate Continues to Make the Round

At the june up date to the dot plot, we saw a terminal rate pencilled in at some point in 20 23 right around that three 75 level. It's not unless we find ourselves with an out paced cor c p i in pc e print for august, that one would expect to see an upward revision to the fed's own projections of where this cycle will go. The market's default position is to assume that the more quickly terminal is achieved, the more quickly we'll see the first rate cuts.