-- Economists are divided over how many interest-rate cuts Federal Reserve officials will signal for 2024 at their policy meeting next week, following a pop in recent inflation figures.Here’s Everything Apple Plans to Show at Its AI-Focused WWDC EventPolicymakers are likely to back away from a longstanding forecast for three rate reductions this year, but it’s a close call on whether they will still pencil in two or not.
Fewer cuts would indicate a later start to reductions. That could have implications for the presidential election in November, though Fed officials uniformly say their decisions are based solely on economic considerations.Fed watchers expect the first cut to happen at the central bank’s September policy meeting, the final gathering before voters head to the polls on Nov. 5.
Almost all respondents expect the Fed to maintain its May 1 guidance that no reduction would be appropriate until the central bank has more confidence inflation is moving sustainably toward 2%. The economists are split on how the FOMC will characterize inflation, with a plurality expecting the committee to repeat that there has been a lack of recent progress.
“The CPI print is likely to impact the tone of the FOMC,” said Stephanie Roth, chief economist at Wolfe Research. “While we expect a tame print, a number below 0.30% could be seen as further evidence of slowing inflation.” Beyond that, “clear evidence of a slowdown in the labor market” might prompt reductions in rates, said Elisabet Kopelman, US economist for Skandinaviska Enskilda Banken AB.
Steve Bannon, the relentless right-wing operator and provocateur who’s dedicated his career to advancing the cause of an American version of fascism, has been ordered by a federal judge to serve out his four-month prison conviction. The sentence is from years ago when a jury convicted Bannon on two counts of contempt of Congress, but Bannon managed to tie things up in appeals. Now, he will ...
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