For those interested the FOMC meeting minutes from the July meeting are out and can be read here.
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9/19/2024
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Grand Tetons means three breasts. With JPOW there it’s just another boob.
He will be speaking mostly to the Moose and Elk Clubs and they won’t understand him either. Tired of all the Fed yakking as Tim calls them.
A half point cut would be interesting. Almost indicating that the Fed was concerned about a serious recession coming our way.
Which is why they will not do it. Instead, they will leave us with a restrictive rate of 5.0%-5.25%. So we will not get to the top tier of neutral until the end of Oct. 2024. They have blown it – one more time. They might get away without it causing more unemployment or a recession. That does not mean they got it correct. It will mean they were lucky. Every major Western economy except the US cut rates by 0.25% in the last few weeks in June.
Thanks for the posting, Tim. A quick skim (redundancy) seems to strengthen the likelihood of a cut in September.
Well- so far a nothing burger for the market movement.