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Walking Back Expectations
It’s now been 3 weeks since the Fed cut rates by 50 bps. While the FOMC sent a strong signal that it was willing to be aggressive to stay ahead of the curve, it now appears that Jerome Powell is comfortable throwing at least a little cold water on the market.
Powell spoke last week and used his words to walk back expectations on the pace of rate cuts. At a speech in Nashville, he said “…this is not a committee that feels like it's in a hurry to cut rates quickly.”
While perhaps a bit disappointing to markets, Powell’s words shouldn’t be too surprising.
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