which was its biggest monthly gain since November 2020.
“So it does alleviate that concern that some Fed members might have had that maybe we’re entering into a wage price spiral, so it’s supportive of the view that the Fed can dial back its pace of tightening and possibly pause.”by the Fed at its policy meeting on Thursday morning, taking the Fed funds rate to a range of 4.5 per cent and 4.75 per cent.
ANZ economists anticipate that Mr Powell will continue to push back against market expectations for early rate cuts in the back half of this year. While ANZ expects Mr Powell to acknowledge the progress made in weakening demand side pressures, the bank doesn’t believe that trends are sufficiently established in the labour market or services prices for the Fed to step back from its hawkish mindset.T. Rowe Price predicted that the US central bank will repeat the message conveyed at its December meeting regarding the Fed funds rate peaking slightly above 5 per cent and there being no rate cuts this year.
Source: News Formal (newsformal.com)
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