During the past year, investors have been fixated on how pro-active the Federal Reserve would be in tackling inflation. When inflation surged to a four-decade high, the Fed began playing catch up in June as it proceeded to raise rates by 75 basis-point increments at four consecutive Federal Open Market Committee (FOMC) meetings. This marked the fastest pace of tightening in four decades and raised investor concerns that it would lead to a recession. More recently, Consumer Price Index (CPI) inflation eased to 7.1 percent in November from a peak of 9.1 percent in June, and it is expected to decelerate further in the coming year. The Fed responded by slowing the pace of rate hikes to 50
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