Prices at the Pumps - March 20, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesNEW YORK - A U.S. stock market perched at record highs received an encouraging message from the Federal Reserve, after the central bank stuck with its rate cut projections for 2024 despite stronger-than-expected economic growth.
While not all investors were confident the Fed will be able to deliver on its rate cut projections, Wednesday's market reaction was positive. But investors this year have had to temper their expectations for easing, reducing estimates for cuts from 150 basis points priced into futures markets at the start of January to around 80 basis points.
"I think markets love that notion that is willing to let inflation run a little bit hot, that they're willing to have growth re-accelerate,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. Indeed, investors last year had expected the Fed to begin cutting rates in March, but views have shifted, with futures markets now priced for a June cut.
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