The Fed continues cautious, unwilling to begin lowering rates until the numbers they view indicate a consistent deceleration in inflation. Their 2% target is slightly spongy, at least as they discuss it in public forums, but the general trend toward a steadying 2% inflation rate is something they hold pretty firm on. So, while the numbers fluctuate, they have been fluctuating only a little higher than what the Fed would wish, and as a result Powell has reiterated the hopeful intention of beginning to lower rates this year. Meanwhile, the Board of Managers takes a balanced approach to the portfolio, which has done quite well in 2023 (up 16.97% and in the top 20% of 600 comparable funds), and continues upward into this first quarter. (See Vice Chair’s report to the 156th Convention)