With no prospect of the Fed adjusting policy next week, the focus of the FOMC meeting will be the new SEP forecasts. The “dots” are likely to cluster around one or two interest rate cuts this year, with a single cut the marginally more likely median. Nevertheless, as inflation falls a bit faster than officials expect and GDP growth disappoints, our base case remains that the Fed will cut in September.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.