Fed meeting, benign inflation keep soft-landing hopes alive

NEW YORK — Soft-landing hopes that have powered United States stocks this year received a boost following encouraging inflation data and a nod from the Federal Reserve at progress made in fighting consumer prices.Expectations for a so-called soft landing, in which the Fed is able to tame inflation and eventually cut interest rates while growth remains resilient, have been a key factor in the S&P 500's march to record highs in 2024.

Futures markets on late Wednesday were pricing in 45 basis points of easing, a more aggressive view than the Fed projected.'The market definitely took the soft-landing point of view ... but the Fed is saying we need more time,' said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. 'What the market really wanted was rate cuts this year, and I think the market is going to have to be patient on it.

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