to seek a second term puts pressure on the Federal Reserve to hold off on interest rate hikes until after the election.
What’s more, it is increasingly the view of many on Wall Street that growth will continue to accelerate in the second half of this year. Goldman, for example, sees the economy growing at around 2.5 percent for the final six months of the year, which would put fourth-quarter 2023 to fourth-quarter 2024 growth at 2.2 percent.in the Federal Reserve’s June Summary of Economic Projections.
Biden’s decision to withdraw from the 2024 presidential race and endorse Vice President Kamala Harrissudden shift in the consensus around Biden’s mental acuity and then the abandonment of his candidacy All this political instability means it is impossible to predict with a high degree of confidence what economic policies the U.S. government might be following next year and in the three years that follow.even though more than one possible political outcome would likely result in a policy mix that the Fed would likely regard as more inflationary.in which a cut or two are immediately followed by a policy reversal. They justifiably fear this would undermine confidence in the Fed’s competency.
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