The Dollar is on track for its first monthly decrease of 2024 following the confirmation of an easing in consumer inflation in April. This led markets to reprice FED futures back to an expectation of two quarter point rate cuts in 2024. The weaker consumer inflation data comes following a weaker than expected jobs report at the beginning of the month, suggesting there are clearer signs of a slowdown in the world’s largest economy. However, one FOMC member commented in the week that there is a need for the Fed to hold on rates “a while longer” to determine the direction of inflation.
Published on 21 May 2024
April's easing consumer inflation and a weaker jobs report signal a slowdown in the U.S. economy, prompting markets to price in two quarter-point Fed rate cuts for 2024, despite some Fed members urging caution.
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