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Fed officials still expect three interest rate cuts this year

two people this yearRate of interestThe United States has the right to vote in decision-making meetingsfed(Fed) officials separately said on Tuesday (2) that they still expect the Fedcut interest ratesHowever, thrice, there is no need to rush the execution.

San Francisco Fed President Mary Daly said it is reasonable to expect the Fed to cut interest rates three times this year, but there is no rush to do so. “I think this is a very reasonable baseline. Now that the economy is growing strongly, there’s really no need to rush to adjust interest rates,” he said at an event in Nevada on Tuesday night. ” The Daily has a vote on the Federal Open Market Committee (FOMC) this year.

Cleveland Fed President Loretta Mester, who also has voting rights in decision-making, attended another press conference the same day. He also told reporters that he still believes three interest rate cuts this year would be appropriate. As for whether rates will be cut as often as needed, it is now “hard to say”. Mester said in an earlier speech that she wanted to see more evidence pointing to lower inflation before cutting interest rates.

Mester said that due to the strong US economy, long-term interest rates are unlikely to be as low as previously expected. He has personally ruled out the possibility of an interest rate cut in May, but he is not sure whether interest rates will be cut or not. A rate cut is possible at the interest rate meeting in mid-June. “I have not ruled out this possibility,” he said, raising his forecast for the long-term federal funds rate from 2.5% to 3%. done.

The Financial Times reported that although the market has set its sights on a possible start of interest rate cuts in June, Meister is the first major Fed decision maker to explicitly rule out the possibility of an interest rate cut before June. “I think the bigger risk is cutting interest rates too soon. Given that the labor market and economic growth are very solid, we don’t need to take that risk,” he said. However, he reiterated that a rate cut could happen later this year.

Mester expects US inflation in 2024 to be higher than the average forecast of Fed officials. He said the higher-than-expected inflation data so far this year shows that the path to decline in inflation will not be so easy, but he still believes that the inflation rate will continue to fall towards the Fed’s 2% target, but The rate of decline will be slower than last year.

finance(tagstotranslate)interest rate cut

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