Morgan Stanley reiterates call for 25bps Fed rate cut in September
Morgan Stanley on Monday reiterated its call for a 25 basis point rate cut by the Federal Reserve in September, maintaining a stance it has held consistently despite the recent global market rout.
“The market’s initial reaction to the decision itself was relatively calm, but in the press conference following the decision, Gov. Ueda surprised the markets by talking about future hikes,” Morgan Stanley economists explained. Economists also pointed out that the U.S. economy continues to show resilience, with Q2 2024 GDP growth at 2.6% and consumer spending up 2.3%. The unemployment rate, though slightly higher at 4.3%, still reflects a relatively healthy labor market. These indicators, according to Morgan Stanley, suggest that the U.S. is on track for a"soft landing,” not a recession.
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