ETF Rolling Reserve Act Summary

Federal Reserve Response to Inflation (cont'd) Stated goal of increases: to return inflation rate to 2% over the long run ▪Per Federal Reserve press release (1/31/2024): Job gains have moderated since early last year, but remain strong ■ Inflation has eased over the last year, but still elevated ■ Economic outlook is uncertain, and committee is focused on inflation risks ■Committee decided to maintain target federal funds rate ■ Committee does not expect it would be appropriate to reduce the rate until it has greater confidence that inflation is sustainably moving toward 2% 9

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