Fed’s implied message: Enjoy the rate cuts and market euphoria now, worry about tariffs and deficits later
November 8, 2024 / /
Powell leaves door open to another cut in December, depending on the rate of inflation and if the labour market softens further
THE US Federal Reserve cut interest rates as expected on Thursday (Nov 7), the quarter-percentage-point cut coming as no surprise to anyone.
What was more surprising, however, was chairman Jerome Powell’s rosy picture of a Goldilocks-like US economy – one that’s not too hot and not too cold.
At his traditional press conference after the Fed’s two-day meeting, he marvelled at the “remarkable” resilience of US labour markets and consumer spending.
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