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Federal Reserve <br />Source: Federal Reserve Source: Bloomberg <br />0 <br />1,000,000 <br />2,000,000 <br />3,000,000 <br />4,000,000 <br />5,000,000 <br />6,000,000 <br />7,000,000 <br />8,000,000 <br />9,000,000 <br />10,000,000 <br />Federal Reserve Balance Sheet Assets <br />Recession <br />In$ millionsAs anticipated at the July meeting,the Federal Open Market Committee voted unanimously to raise the Federal Funds rate by 0.25%to a <br />target range of 5.25 -5.50%,the highest level in over 20 years.Fed Chair Powell maintained that the FOMC will remain data dependent <br />going forward,and that they do not anticipate a recession,leaving the option open for the possibility of additional rate hikes in the future <br />if needed. The Fed continued to focus on achieving price stability and bringing inflation down toward their 2% policy objective. We believe <br />the resiliency of future economic data will determine if the Federal Reserve can stay on hold for a period of time or will tighten policy <br />further to curb inflation. <br />0.00% <br />1.00% <br />2.00% <br />3.00% <br />4.00% <br />5.00% <br />6.00% <br />Effective Federal Funds Rate <br />Recession <br />Yield (%)12