It has been 33 trading sessions since the last FOMC meeting and the build-up has been palatable. Pressure from the Executive Branch has been relentless, both creative and direct, but CME data sees a 96% expectation for a 25bps rate cut (the first since last December). While inflation remains high, the Fed now must contend with a stagnant/ declining job market, and potentially a new “third mandate” on higher long-term rates (Miran influence??). If consumers were concerned about the three mandate…
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