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SAN FRANCISCO, Feb 24 - Investors and economists expect the U.S. central bank to respond"strongly and systematically" to changes in inflation and the labor market, according to research published on Monday by the San Francisco Fed that underscores the current sensitivity of financial markets to U.S. economic data.
The findings are in line with the Fed's actual response to inflation, which rose in 2021 but did not trigger any interest rate hikes until 2022. They also track with the Fed's reaction to labor market data, which weakened notably in the middle of last year and helped drive the Fed's decision to cut the policy rate by a full percentage point starting last September.
Friday showing business activity fell to a 17-month low this month, have helped firm up market bets on two quarter-percentage-point reductions to the policy rate this year.
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