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FEDERAL RESERVE <br />10,000,000 <br />9,000,000 <br />8,000,000 <br />7,000,000 <br />6,000,000 <br />5,000,000 <br />4,000,000 <br />3,000,000 <br />2,000,000 <br />1,000,000 <br />0 <br />Federal Reserve Balance Sheet Assets <br />■ Recession <br />,_/-4Y <br />6.00% <br />5.00% <br />4.00% <br />7 <br />-2 3.00% <br />ai <br />2.00% <br />1.00% <br />C'MCHANDLER <br />ASSET MANAGEMENT <br />Effective Federal Funds Rate <br />0.00% "1•4011 <br />SP S' S' S' SP SP '3' SP S' SP SP So So S' S' So So sc S' SP S' S' <br />.bO 'bO bO 'b:I 6;7 6,7 6 7 6 7 �b� 6� ,b� bO bO bO b I b I ,b;I �b; �b;I ,b� ,b� ,b� <br />S 9 1 .3' S > 9 1 .3' S S , I ,>' S 9 1 0' S <br />Source: Federal Reserve Source: Bloomberg <br />The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as <br />officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the <br />slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance -sheet runoff unchanged, <br />maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage -backed securities. Since launching its <br />Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down <br />to roughly $6.6 trillion. <br />19/73 <br />12 <br />