June 2024 FOMC Preview
With the labor market still strong and April inflation representing an improvement over Q1 but still not good enough, the committee is in “looking for confidence” mode.
With the labor market still strong and April inflation representing an improvement over Q1 but still not good enough, the committee is in “looking for confidence” mode.
Every member that's spoken since the March meeting has expressed both a further desire to be patient on starting rate cuts (in response to the inflation data) and confidence that holding rates steady for longer will, on the margin, come with less downside risk to the labor market.
There was a lot to like from the FOMC press conference this week. Here are the highlights from Powell’s press conference.
Our baseline forecast of the dots sees most of the dots holding steady, with some dots taking cuts off for this year. . This leaves three cuts as our baseline median dot—but just barely.