The Fed will shift to 'full-on accommodation' mode in 2024 with nearly 3 percentage points of rate cuts as economy slows, UBS says

• The Federal Reserve is set to shock markets with aggressive interest rate cuts next year, according to UBS.
• UBS said slow economic growth will drive the Fed to cut rates by 275 basis points by the end of 2024.
• "We expect substantially slower growth in 2024, a rising unemployment rate, and meaningful reductions in the federal funds rate," UBS said.

The Federal Reserve is going to shock investors next year by aggressively cutting interest rates amid a slowing economy, according to UBS' 2024 economic outlook.