The FOMC meeting concluded yesterday and, as expected, rates did not change. You can find below the changes to the release. More moderate wording, but no indication whatsoever of future actions. In the press conference that followed the release, J Powell indicated that if the overall economic context related to inflation and employment were to indicate that rate cuts were appropriate, the committee would act, and even indicated that the September cut might be on the table. The bottom line: unless we get significant inflation improvement in July and August, or we get a clear deterioration in the job market, there may not be a cut this year. He has emphasized that the committee operates with full independence from the political context, so if September doesn’t work, October is possible too.
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