Economist Tom Porcelli: Even with a 100 bps rate cut, Fed policy is still on the tight side
Bitget2024/08/18 16:16
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Tom Porcelli, chief U.S. economist at PGIM Fixed Income, said the current 5.3 percent federal funds rate looks relatively high compared to current consumer price inflation below 3 percent, and that even with a 100-basis-point rate cut, Fed policy is still on the tighter side of policy, which is calibrated to significantly higher inflation and significantly lower unemployment, but those circumstances have changed .
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