2025 Regulatory Summit

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A Refined Monetary Policy Framework

8

7

6

Fed Funds Rate

5

4

PCE Inflation

3

2

Price Stability Target

1

Core PCE Inflation

0

Interest Rate or Inflation Rate (Percent)

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Jul-01

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Jul-07

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Jul-22

Jul-19

Jan-00

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Jan-21

Jan-24

Apr-02

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Apr-11

Apr-20

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Oct-00

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Oct-24

Note: Shaded Areas are Recessions

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