Citi now expects first rate cut in September
Citi economists now expect the Federal Reserve to begin cutting rates in September rather than July, following a much hotter-than-expected May jobs data released last week.
This means that Fed Chair Jerome Powell and the committee are likely to hold off on any decisions in June and July, awaiting more data on slower activity and inflation. “Fed officials have been very reactive to monthly data – which means today’s payrolls report is enough for them to stay in wait-and-see mode a bit longer,” Citi economists wrote.
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