We wish you a Happy New Year! — We thank our clients for their support and wish them success in 2023.
Wishing you and your family a year brimming with good eats, good drinks, and lots of good adventures!
The start of the year is a time for self-reflection and self-improvement, but it’s also a time when we could all use some encouraging words. I wish you and your family a happy and healthy New Year!
Everybody will bid farewell to 2022, a year that gifted us our lives back. People resumed normalcy after two years of Covid restrictions, so celebrate this New Year and welcome 2023 with your family and friends.
The Federal Reserve raised the fed funds rate by 50bps to 4.25%-4.5% during its last monetary policy meeting of 2022, pushing borrowing costs to the highest level since 2007, and in line with market expectations. It was a seventh consecutive rate hike, following four straight three-quarter point increases. Policymakers reinforced that ongoing hikes in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2%. The Fed now expects interest rates to reach 5.1% next year, 4.1% in 2024, and 3.1% in 2025, a higher level than previously indicated. Meanwhile, GDP growth projections were revised higher for this year (0.5% vs 0.2%) but lowered for 2023 (0.5% vs 1.2%) and 2024 (1.6% vs 1.7%). Inflation forecasts were revised higher for 2022 (5.6% vs 5.4%), 2023 (3.1% vs 2.8%) and 2024 (2.5% vs 2.3%). source: Federal Reserve