Cracks might finally be forming in the Federal Reserve's firm hawkish stance, according to Fundstrat Global Advisors' Tom Lee. As investors expected, the Fed kept interest rates unchanged after central bank policymakers had their meeting. But recent pressures weighing down consumer spending might finally be the driver that forces the Fed's hand, said Lee, who is head of research at Fundstrat.
" To add to his case, Lee highlighted a comment Fed Chair Jerome Powell made at a press conference on Wednesday afternoon, following the central bank's rate decision: "We're also prepared to respond to an unexpected weakening in the labor market," Powell said. Investors will get some insight on that front Friday morning when the April jobs report is released. All in all, Lee thinks there's a "good probability" that interest rates are currently at their peak.
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