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CNBC Daily Open: A projection is not a promise

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The U.S. Federal Reserve may not cut rates in June and that could have global implications.

The trading floor of the New York Stock Exchange prepares for the social media platform Reddit's initial public offering on March 21, 2024 in New York City.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe, with shares of electric vehicle makers hit by underwhelming quarterly sales at industry giants BYD and Tesla.

In comments echoing those of the Federal Open Market Committee's two weeks ago, San Francisco Fed President Mary Daly said Tuesday she expects cuts this year — but wants to see more convincing evidence that inflation has been subdued.Cleveland Federal Reserve President Loretta Mester also said Tuesday she still expects interest rate cuts this year, but ruled out the next policy meeting in May.

 

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