Citi says the Fed will deliver another 50bp cut in November
Investing.com -- Citi strategists said they expect the Federal Reserve to cut rates by another 50 basis points in November, a decision that will largely depend on incoming data, especially the next monthly jobs report.
The Fed’s initial 50 basis point rate cut was described by Chair Jerome Powell as a strong indicator of the central bank’s commitment to act decisively if labor market conditions warrant further support. They project that core PCE inflation will rise just 0.18% month-over-month on Friday, implying an annualized core inflation rate of 1.95% over the past three months.
While Fed officials have been encouraged by low layoff rates and steady jobless claims, Citi points to the declining hiring rate and private payroll growth—now averaging around 90,000 jobs per month—as signs that unemployment could rise further.
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