Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesBENGALURU - The U.S. Federal Reserve will wait until September to cut its key interest rate, according to a majority of 100 economists polled by Reuters, with half saying there will be only two cuts this year and only about a third forecasting more.
While Reuters polls have consistently forecast fewer Fed rate cuts than markets, both have now come into line in the latest survey following last week's inflation report, blowout retail sales data and more hawkish remarks from Powell. The personal consumption expenditures price index, which the Fed uses to gauge progress toward its 2% inflation target, rose to an annual rate of 2.7% in March, faster than the 2.5% reported for February, according to estimates presented by Fed Vice Chair Philip Jefferson this week.
Although there was no majority on how many rate cuts would be delivered this year, half of the participants, 50 of 100, saw two quarter-percentage-point cuts, 34 said more than two, 12 saw only one reduction and four said none.
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