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Mr. Daley, the Fed's FOMC commissioner this year, said recent economic data gave me "more confidence" that inflation was under control. It was time to consider adjusting the current rate range of 5.25-5.50 per cent. While the labour market is slowing, it is "not weak".
Mr. Bocelli, PGIM's chief US economist, said the US's focus had shifted from inflation to labour market easing because of a cyclical hiring slowdown over the past few months, allowing the Fed to start cutting interest rates in September. The Fed is expected to announce a September cut at its meeting tonight. Another cut is likely at the December meeting, and the possibility of a November cut cannot be ignored. The Fed is expected to cut interest rates by about 150 basis points by the end of 2025...
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