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FED: Powell: If Economy Performs As Expected, That Would Mean 2 More 25bp Cuts

FED
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Powell says re the Dot Plot that over the course of a quarter, the SEP can get "pretty rusty", but over the weeks following the meeting, it is still a good guide:

  • Powell says this is not a Committee that feels like it's in a hurry to cut rates quickly - it will ultimately be guided by incoming data - can cut faster or slower. As a base case, it is a process that will play out over some time, not something that we need to go fast on, will depend on the data.
  • Have 2 employment reports and 1 inflation report until the November FOMC - we'll ask ourselves whether policy is in the right place.
  • Re the Dot Plot median projection:  "If the economy performs as expected, that would mean 2 more cuts this year, a total of 50 [bps] more"
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Powell says re the Dot Plot that over the course of a quarter, the SEP can get "pretty rusty", but over the weeks following the meeting, it is still a good guide:

  • Powell says this is not a Committee that feels like it's in a hurry to cut rates quickly - it will ultimately be guided by incoming data - can cut faster or slower. As a base case, it is a process that will play out over some time, not something that we need to go fast on, will depend on the data.
  • Have 2 employment reports and 1 inflation report until the November FOMC - we'll ask ourselves whether policy is in the right place.
  • Re the Dot Plot median projection:  "If the economy performs as expected, that would mean 2 more cuts this year, a total of 50 [bps] more"