This Monday, Democratic senators wrote a letter to the Fed chief urging him to cut interest rates because tight monetary policy is holding back the economy and is not helping to beat “the remaining key drivers of inflation.”appears to have made some officials nervous. Specifically, the downward revision of Q1 US GDP from 1.6% to 1.3% QoQ and the increase in average hourly earnings to +0.4% MoM versus a forecast of +0.3%.
The letter ends with the following statement: “ You’ve kept interest rates too high for too long; it is time to cut rates.” Second, there is the fear of new bankruptcy filings and the resulting crises. In May, S&P Global recorded 62 new bankruptcy filings. The 275 bankruptcy filings in 2024 almost match last year's 277. And that's not the worst of it.. The main risk is that this will trigger a chain reaction, as happened with Silicon Valley Bank a year ago.Rather no than yes. With pro-inflationary pressure mounting, the Fed chief will, at best, keep his rhetoric tightening.
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