Federal Reserve
Powell made the headlines with his rejection of any notion that President-elect Trump could force him to leave, but beyond that the November FOMC press conference was fairly boring (in a good way).
After the excitement at the September meeting, November is going to be relatively less exciting.
This is the last chance for Fedspeak before the pre-November meeting blackout period. This week we mostly heard from the hawkish side of the committee, all of whom are emphasizing a gradual path of rate cuts.
A quiet week of Fedspeak, with Waller and Bostic expressing disappointment in the September inflation data.
With fears of rising unemployment falling a bit with the September jobs data, the Committee's focus shifts back a bit towards inflation. As with before the September rate cut, the Committee is divided in its confidence around inflation's path back to 2%.
We had some Fedspeak this week but mostly people stuck to their previous views.
The Federal Reserve began the process of normalizing interest rates at the September 18th, 2024 FOMC meeting. While the timing of the first rate cut was telegraphed well in advance, the magnitude—25 or 50 basis points—was not. A week prior to the meeting, market pricing, as well as
With labor market risk rearing its head, Kashkari and Bostic sound dovish again.
A little bit of post-game analysis from Bowman and Waller. Waller defends 50 by pointing to the implications of the CPI and PPI data received during blackout period for core PCE.
