Economists at Comerica Bank agree that the economy is in a good place going into the 2024 presidential election, with inflation calming down and expected cuts...
Panelists at Comerica Bank say the risk of a recession is low, with calming inflation and rate cuts expected in the fall.agree that the economy is in a good place, with inflation calming down and expected cuts to interest rates this fall.
Comerica forecasts that the Fed will likely not make a cut to interest rates until September, when Adams predicts a quarter percentage point decrease and possibly another cut in December after the election. The current federal funds rate, the rate of interest that banks charge for lending money, has a
Comerica executives also predict that economic concerns will drive the presidential election’s outcome. Inflation may be the toughest obstacle for Joe Biden, said Dan Donohoe, Comerica’s director of government relations. “Any seated president wants to get reelected,” Lynch said. “So you typically see them prime the pump, whether it’s a combination of monetary or fiscal policies to get the economy and the financial markets going again.”A big economic impact from this year’s election will be from taxes. Adams said that going into 2025, several temporary tax measures will expire, from Obamacare subsidies to the individual income tax rate reductions passed by the Trump administration.
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