1. Before the FOMC Meeting (Jan 31-Feb1) (200 words)

To combat the 40-year high inflation, the Federal Reserve Open Market Committee (FOMC) raised the target fed funds rate seven times and by 4.25% in 2022. Core CPI rose only 0.3% in December 2022, and 5.7% on an annual basis. What have contributed to the recent easing in inflation? Do you expect inflation will continue to fall and back to the normal range (2-3%) over the next 12 months? Based on your expectation, what do you think the Fed will do in the next FOMC meeting (Jan 31-Feb1)? Please justify your opinion. (Response must be 200 words please)