WASHINGTON — The US Federal Reserve may signal this week that interest rate cuts are on the way — although it is widely expected to remain on pause until its next rate decision in September.
Fed officials, who have admitted to moving too slowly to stem an inflationary surge in 2021 and 2022, have been wary of cutting rates too soon and accidentally reigniting inflation.'The Fed as a group does not want to be seen as having allowed inflation to reaccelerate, or inflation to remain persistent at above their target,' EY chief economist Gregory Daco told AFP.'There is definitely a bias from having been burned on the upside.
While most analysts now broadly expect the first rate cut to come in September, there are still some who are taking a more cautious view of the US economy.'The Fed is optimistic that cuts are likely in the near-term, but we do not think it is willing to signal September is a done deal,' Bank of America economists wrote in a recent note to clients, adding they still expect the first cut to come only in December.
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