The S&P 500 and Nasdaq Composite closed at fresh records Tuesday.
Federal Reserve policymakers may soon start emphazising the 'maximum employment' piece of the central bank's dual mandate, which targets the pomotion of jobs and stable prices under the 1977 amendment to the Federal Reserve Act , according to Bank of America economist Michael Gapen in a note out Wednesday. With recent signs that the labor market is softening, that's likely to result in lower interest rates, currently 5.25%-5.50%, in late 2024 and possibly sooner, Gapen wrote.
First, in Powell's written remarks to the Senate Banking Committee he said, 'elevated inflation is not the only risk we face.' He noted this 'in light of the progress made both in lowering inflation and in cooling the labor market over the past two years.' The Fed sees more two-sided risks to the outlook as opposed to upside risks on inflation. This is no longer an overheating economy,' Gapen's note read.
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