The Federal Reserve will lower interest rates by 25 basis points at each of the U.S. central bank's three remaining policy meetings in 2024, according to a...
BENGALURU - The Federal Reserve will lower interest rates by 25 basis points at each of the U.S. central bank's three remaining policy meetings in 2024, according to a majority of economists in a Reuters poll that found only nine of 101 expected a half-percentage-point cut next week.
Remarks from New York Fed President John Williams and Fed Governor Christopher Waller late last week also did not signal any support among policymakers for an outsized rate cut this month. Among primary dealers surveyed, Santander has provided the most consistent end-year rate forecast throughout 2024, predicting 50 basis points of cuts in total in each Reuters poll up until July, when it switched to 75 basis points.
Some economists have argued the reductions in borrowing costs will be aimed not at responding to an ailing economy, but instead to reduce the amount of policy restriction as inflation falls toward the Fed's target.The median probability of a recession in the latest poll was just 30%, a figure little changed all year, despite recent concerns in financial markets about a possible economic contraction.
The U.S. economy, which grew at an annualized pace of 3.0% in the second quarter, is expected to expand at or faster than what Fed officials currently see as the non-inflationary growth rate of 1.8% over the coming years, according to median forecasts in the poll. Chinese troops will take part for the first time in annual exercises held by Brazil's armed forces this week, training alongside U.S. soldiers, the Brazilian Navy said. China sent observers last year, but will have troops on the ground this year, the Navy, which coordinates the Operation Formosa exercises, said in a statement, adding that U.S. troops took part in 2023.
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