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The Fed Backpedals the Rate Cut Happy Talk

Recent economic developments have clashed with the idea of unstopped success in taming inflation and, as a result, lower interest rates.

Just weeks ago, the Federal Reserve sounded more upbeat than it had in a while. While not a slam dunk, progress on reducing inflation and clearing a way for rate cuts was steady. Members of the Fed looked toward three rate cuts in 2024.

Inflation, both in the Consumer Product Index and Personal Consumption Expenditures, has been proving itself more resilient than previously thought, and the jobs numbers have topped expectations. As a result, the Fed is signaling that expectations of immediate rate cuts are perhaps not sound.

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Erik Sherman

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