It’s not clear what upcoming events might steer the U.S. central bank from what is widely seen as a second in a series of interest rate cuts
The nine days until Federal Reserve officials sit down to decide what to do next with interest rates features a veritable murderers’ row of events to shape their move – everything from key employment and inflation data to a closely fought U.S. presidential election.
“So far I haven’t seen any information that would suggest we wouldn’t continue to reduce the interest rate,” San Francisco Fed President Mary Daly said last week. Updated projections published at the meeting last month show each of them believe there is at least a full percentage point of rate cuts to go before the policy rate gets to its longer-term “neutral” level. The Summary of Economic Projections, or SEP, shows a majority believe there’s at least two full percentage points of room for cuts.
The U.S. government also is due to release the October jobs report, which is expected to show job growth slowed, though the underlying trend could be hard to parse since recent hurricanes and an ongoing strike at Boeing could reduce the month’s payrolls by as much as 100,000 jobs and push up the jobless rate.
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