Comments from Chair Jerome Powell suggest the latest batch of soft activity data will not cause the FOMC to reassess its view that there is “no hurry” to cut interest rates again. Admittedly, some FOMC participants may nudge down their rate expectations for this year amid signs of weaker growth. But we do not expect a major change on net, given others may have nudged up their rate projections due to concerns about inflation and inflation expectations amid the imposition of tariffs.
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