March 2024 FOMC Recap: The Fed's Game Plan is Still Normalization
There was a lot to like from the FOMC press conference this week. Here are the highlights from Powell’s press conference.
There was a lot to like from the FOMC press conference this week. Here are the highlights from Powell’s press conference.
Light week for Fedspeak after the FOMC meeting and press conference. The only speaker this week was Bostic, who indicated that he projects one cut (two previously).
Our baseline forecast of the dots sees most of the dots holding steady, with some dots taking cuts off for this year. . This leaves three cuts as our baseline median dot—but just barely.
Powell did his best to be as boring as possible during Humphrey Hawkins, but he distinguished himself from some more hawkish statements from other committee members over the past few weeks.
After what appeared to be (on the surface and at first glance) a hot January, the labor market data for February 2024 signaled a return to the narrative we followed throughout last year: the labor market is slowing, but remains strong.