2024 Supervisors Symposium

Internal Use Only

The Fed Starts Easing Policy in Late 2024…

7

Internal Use Only

The End of the Fed's Recent Aggressive Tightening (Pace & Length of Fed Tightening Cycles since 1994)

6

3/22-9/24

5

6/04-9/07

4

3/94-7/95

3

12/15-7/19

2

6/99-1/01

1

Tightening Cycle (Percentage Points)

0

0

34 Increase in the Fed Funds Target Rate from Start of Fed 68

102

136

170

204

238

272

306

340

374

408

442

476

510

544

578

612

646

680

714

748

782

816

850

884

918

952

986

1020

1054

1088

1122

1156

1190

1224

1258

1292

Number of Days Following Start of Fed Tightening Cycle

8