While the Federal Reserve last raised the federal funds target range in the summer of 2023, it has continued to reduce the level of assets on its balance sheet as part of its program of monetary "quantitative tightening" in its efforts to combat inflation (New York Fed, Investopedia, Wolf Street, Yahoo, Congressional Research Service). The outcome will be determined using information in the statements and implementation notes release by the Federal Open Market Committee (FOMC) (Federal Reserve - FOMC Meeting Calendar). As of the launch of this question, the total cap of assets was $95 billion each month, $60 billion in Treasury securities and $35 billion in agency debt and agency mortgage-backed securities (MBS) (Federal Reserve - Implementation Note 20 March 2024). A change in the amounts for Treasury securities and MBS that results in no net change from the total $95 billion will not count, and the date the change will take effect is immaterial.

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