The Federal Reserve stands at a pivotal juncture as it deliberates on its interest rate policy for 2024. In the wake of tumultuous economic shifts brought about by the pandemic, the Fed faces the delicate task of balancing robust economic recovery against inflationary pressures that appear to be subsiding. 

Interest rates were left unchanged at a range of 5.25% to 5.50% by the Fed at its policy meeting ending 13 December 2023. As the markets well know, the Fed indicated that rates are likely at or near their peak and could be cut in 2024 if inflation continues to fall towards the Fed's 2% target.

Billions if not trillions of dollars are now riding on when, or worst case if, this will happen.