Powell waits whilst service sector softens
Powell’s words have helped markets adjust expectations for cuts in the US, says JBWere’s Sally Auld. Whilst softer inflation in Europe perhaps seals the deal for a June cut by the ECB.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 4th April 2024
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Jerome Powell spoke at the Stamford Forum overnight, reiterating that the Fed was prepared to wait before cutting rates. JBWere’s Sally Auld says markets are now stating to come to terms with the fact that a June cut is almost certainly off the cards, and three cuts this year are looking less and less likely. But how long do they wait for? The Services ISM was weaker than anticipated, could a delay in cuts cause unnecessary damage to the economy? A June cut is far more likely in Europe, where the Eurozone CPI read came in lower than expected. The ECB meeting minutes out today will be eagerly perused for any indication to the contrary.
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