The Federal Reserve said Wednesday that greater progress has been made in reducing inflation to its 2% target, a sign that the central bank is moving closer toward cutting its keyinterestratefor thefirsttime in four years.
The Associated PressThierry Wizman, global FX and rates strategist at Macquarie Group, joins BNN Bloomberg to discuss the rate roadmap for the U.S. Fed.
A greater focus on the employment half of the Fed’s mandate, along with cooling inflation, would support the case for a rate cut by the Fed at an upcoming meeting, perhaps as soon as September. , driven in part by bullish views on the direction of U.S. interest rates. The S&P 500 was up almost 2% following the Fed’s statement.
“The finish line is in sight and it would be tragic for the Fed to stumble and fall, with one-tenth of a mile left in the marathon, which is what I think they would be doing if they don’t start cutting,” Bharat Ramamurti, an advisor at the American Economic Liberties Project and former economist in the Biden White House, said on a call with reporters.
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