BofA pushes back start of rate cutting cycle to December
Progress in the process of disinflation in the United States has stalled, indicating only one interest rate cut in 2024. Following consumer inflation data above expectations, this is what Bank of America suggests in a note to clients and the market, where it postpones its projection of the beginning of the cycle of rate cuts in the United States from June to December of this year, with risks for a later start.
Federal Reserve officials are not expected to have the necessary confidence that inflation is on a sustainable path to the target in June, according to the bank."Risks are tilted toward a later start to rate cuts. We still think hikes are low-probability," Gapen adds.
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