Previous Trading Days Events 27.03.2024

Federal Reserve Governor Christopher Waller said there is no rush to lower interest rates, emphasising that recent economic data warrants delaying or reducing the number of cuts seen this year.

Waller described recent inflation figures as disappointing and said he wants to see at least a couple months of better inflation data before cutting. The Fed has room to wait to gain confidence that inflation is on a sustained path toward the 2 target since the economy is strong.

In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data, Waller said in prepared remarks Wednesday before the Economic Club of New York titled Theres Still No Rush.

Fed officials are debating when and to what extent to lower borrowing costs this year. Chair Jerome Powell has called the timing of such a decision highly consequential and emphasised the need for patience.

The economy experiences resilient growth, and Fed policymakers significantly boosted their estimate for gross domestic product this year to 2.1, up from 1.4 in December. Hiring has remained strong, and key price gauges have exceeded economists expectations in recent months.

The government will release data on the Feds preferred inflation metric on Friday. PCE Price Index.

Source httpswww.reuters.commarketsusfedswallerstillseesnorushcutratesamidstickyinflationdata20240327

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