Jeff Cox is a finance editor with CNBC.com where he covers all aspects of the markets and monitors coverage of the financial markets and Wall Street. His stories are routinely among the most-read items on the site each day as he interviews some of the smartest and most well-respected analysts and advisors in the financial world.
With the economy humming along and the stock market, despite some recent twists and turns, hanging in there pretty well, it’s a tough case to sell that higher interest rates are having a substantially negative impact on the economy. So what if policymakers just decide to keep rates where they are for even longer, and go through all of 2024 without cutting? It’s a question that, despite the current conditions, makes Wall Street shudder and Main Street queasy as well.
Other economists have made a similar case, namely that the main issue that monetary policy influences — demand — has remained robust, while the supply issue that largely operates outside the reach of interest rates has been the principle driver behind decelerating inflation. Where rates do matter, Kelly said, is in financial markets, which in turn can affect economic conditions. “Rates too high or too low distort financial markets.
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