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MNI FED WATCH: Seeking Confidence; Divided Over 1 or 2 Cuts

Chair Powell tells reporters Fed needs to see more good inflation readings.

Federal Reserve officials have pushed back the timing of any possible interest rate cut to later this year after FOMC members raised their expectations for where inflation will end 2024, though Fed Chair Jerome Powell emphasized the forecasts are only a snapshot of a committee's views and that policymakers are maintaining maximum flexibility.

"There's fifteen of the nineteen [policymakers] clustered around one or two" cuts Powell said in a press conference. "I look at all of them as plausible," he said, noting "what everyone agrees on is it's going to be data dependent. No one brings to this or takes away from it that is on the Committee a really strong commitment to a particular rate path."

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Federal Reserve officials have pushed back the timing of any possible interest rate cut to later this year after FOMC members raised their expectations for where inflation will end 2024, though Fed Chair Jerome Powell emphasized the forecasts are only a snapshot of a committee's views and that policymakers are maintaining maximum flexibility.

"There's fifteen of the nineteen [policymakers] clustered around one or two" cuts Powell said in a press conference. "I look at all of them as plausible," he said, noting "what everyone agrees on is it's going to be data dependent. No one brings to this or takes away from it that is on the Committee a really strong commitment to a particular rate path."

Keep reading...Show less