The Federal Reserve is strongly suggesting that interest rates are unlikely to budge much before the 2020 election
After three straight rate cuts, the US central bank on Wednesday said rates are at"appropriate" levels to keep the longest economic expansion in history humming. A wide majority of Fed officials anticipate holding rates steady until 2021 -- or later. Fed chief Jerome Powell said it would take a"material reassessment" of the central bank's economic outlook for that to change.
But the same forecasting model that led Rabobank to correctly pinpoint the end of the Fed's recent rate hiking cycle is now signaling that the central bank will need to"cut rates all the way back to zero before the end of 2020," Marey said.Meet the biggest bank you've never heard of"The three insurance cuts [this year] will not be enough to prevent the economy from sliding into a recession," he wrote.
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