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ECONOMIC INFORMATION <br />During its September meeting, the Federal Open Market Committee (FOMC) cut rates by 50bp, <br />taking interest rates to a target range of 4.75-5.0%. This decision from the FOMC was in response <br />to data showing a slightly slower pace in hiring, even with a solid pace to growth in the economy. <br />Although prices remained elevated, the policy makers had confidence that inflation was moving <br />towards their target of 2%. The FOMC also signaled a high possibility of additional rate cuts through <br />the end of the year and expectations of further cuts in 2025. This held true at their November <br />meeting, where the FOMC cut the target rate by 25bp, taking the target range to 4.50-4.75%, and <br />stating that, although the unemployment rate moved higher, the economy remained "solid". <br />INVESTMENT MATURITIES <br />As of September 30, 2024, the investments portfolio book value was $549,487,156 with a market <br />value of $553,662,112. Of the $549,487,156 portfolio total, investments are maturing as follows: <br />$300,000,000 <br />$250,000,000 <br />$200,000,000 <br />$150,000,000 <br />$100,000,000 <br />$50,000,000 <br />$0 <br />0-12 Months 13-24 Months 25-36 Months <br />5 <br />