Federal Reserve Bank of Cleveland President Beth Hammack noted that while she believes it may be time for the Fed to begin slowing the pace of rate cuts, the Cleveland Fed head gave a nod to investors who are anticipating at least one more rate cut between now and the end of January.
Monetary policy is likely somewhat restrictive. Slowing pace of rate cuts allows the Fed time to sound the economy. Data will drive what Fed does with monetary policy. I expect solid growth, low unemployment, and gradual inflation ebbing. The economy is strong, labor market is healthy. The Fed has more work to do to cool inflation. Labor market has become better balanced. It is too soon to say what impact the proposed tariffs would have.
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