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MNI INTERVIEW: FOMC Won’t Agree On Cuts Until December-Pingle

MNI speaks with former Fed board economist Jonathan Pingle.

The Federal Reserve is too divided about whether to begin cutting interest rates for now, and policymakers are unlikely to coalesce around such a decision until December, former Fed board economist Jonathan Pingle told MNI.

Given mounting signs of economic softness, Pingle was surprised by the distribution of FOMC members’ forecasts for when they see the first rate cut in this week’s Summary of Economic Projections – in particular, that 11 of 19 are willing to wait until December or beyond.

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The Federal Reserve is too divided about whether to begin cutting interest rates for now, and policymakers are unlikely to coalesce around such a decision until December, former Fed board economist Jonathan Pingle told MNI.

Given mounting signs of economic softness, Pingle was surprised by the distribution of FOMC members’ forecasts for when they see the first rate cut in this week’s Summary of Economic Projections – in particular, that 11 of 19 are willing to wait until December or beyond.

Keep reading...Show less