on Tuesday, gave the doves most of what they wanted to hear. Although he said more evidence was needed to rationalize cutting interest rates, his overall message favored“We’ve made quite a bit of progress and in bringing inflation back down to our target,” Powell advised at a central banking forum in Portugal. “The last reading and the one before it to a lesser extent, suggest that we are getting back on the disinflationary path.
The Fed funds futures market is pricing in a moderate probability that the central bank will soon begin easing policy, perhaps as early as the Sep. 18 FOMC meeting. The current estimate reflects a roughly 65% probability that the central bank will announce a rate cut in two months.“We’re well aware that if we go too soon, that we can undo the good work we’ve done. If we do it too late, we could unnecessarily undermine the recovery and the expansion.
The next update on inflation that will test whether disinflationary progress is continuing arrives on July 11, with the release of consumer prices for June.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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