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Powell Signals Patience: Fed Holds Rates, Awaits Key Data

by Team Lumida
July 3, 2024
in Macro
Reading Time: 3 mins read
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Powell Signals Patience: Fed Holds Rates, Awaits Key Data

Source: Investopedia

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Key Takeaways

  1. Fed maintains interest rates, awaiting more data on inflation trends.
  2. U.S. inflation rate slows to 2.6%, nearing the Fed’s 2% target.
  3. Fed’s future rate cuts hinge on upcoming employment and inflation data.

What Happened?

Federal Reserve Chair Jerome Powell announced that the U.S. is on a “disinflationary path” but emphasized the need for more data before considering rate cuts. In May, inflation did not rise, and the 12-month rate of price increases fell to 2.6%, edging closer to the Fed’s 2% target.

Powell, speaking at a monetary policy conference in Portugal, stressed the importance of ensuring these readings accurately reflect underlying inflation before loosening policy. The Fed has kept its benchmark interest rate steady at 5.25%-5.5% since last July.

Why It Matters?

For investors, Powell’s cautious stance signals a period of steady interest rates, reducing immediate market volatility. However, the Fed’s reluctance to cut rates until inflation sustainably trends toward 2% underscores a balanced approach, considering both inflation and employment goals.

With the U.S. unemployment rate remaining at or below 4% for over two years, the Fed has room to be patient. Chicago Fed President Austan Goolsbee highlighted “warning signs” of a weakening real economy, stressing the need to avoid overly tight monetary policy.

What’s Next?

Expect the Fed’s decision-making to hinge on upcoming employment and inflation reports, including June’s job data and the July 11 consumer price index. Powell anticipates inflation to fall between 2% and 2.5% within a year, a “great outcome” if achieved. U.S. short-term interest-rate futures suggest potential rate cuts in September and December, but these will depend on the economic data. Investors should watch the Fed’s next policy meeting on July 30-31 for further signals.

Source: Reuters
Tags: Federal ReserveJerome PowellU.S. inflation
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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