![]() Swap contracts repriced to levels consistent with 130 basis points of easing over the next 12 months. The dollar headed toward the lowest since August. Two-year Treasury yields dropped 25 basis points to around 4.5%. Markets embraced the more dovish tone by the FOMC and Powell, and are now pricing in the likelihood of the first rate cut in March.Given the progress made, both fed mandates – full employment and price stability – are now important, Powell said. Powell says the labor market is coming into better balance, and wages have cooled, though they remain a bit above the level consistent with 2% inflation. The committee is looking for a soft landing for the US economy, not a recession, with unemployment forecast to rise only slightly over the next few years.Some FOMC participants tweaked their forecasts based on this week’s inflation data. Inflation forecasts were trimmed from the prior quarterly forecast, which Powell welcomed, while warning that the battle wasn’t over. Note: this conf file is different from most splunk conf files. Version 9.1.2 nf contains values used at startup time, by the Splunk command and by Windows services. Eight officials saw fewer than three quarter-point cuts next year, while five anticipated more. The following are the spec and example files for nf. While Wednesday’s vote was unanimous, there are clear divisions on the committee in their rate outlooks.The FOMC softened its stance toward further hikes by adding one word to the statement, saying officials will consider the extent of “any” additional policy firming that’s needed. ![]() ![]() Even so, the statement added to the sense of a dovish pivot. Powell said the committee discussed rate cuts at its meeting this week, but hasn’t ruled out the possibility of another hike if the data calls for it.Markets moved broadly on the dovish tone of the committee. Policymakers anticipate further reductions in the fed funds rate to end 2025 at 3.6%, according to the median estimate of 19 officials. The Fed held interest rates steady for a third meeting and gave its clearest signal yet that its aggressive hiking campaign is finished by forecasting a series of three quarter-point cuts next year, which was more than economists expected.
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