RE:RE:2024 Good morning Carena.
Different folks have different opinion: Fed officials Loretta Mester and Mary Daly signaled Tuesday that three rate cuts are still likely for 2024, with Mester hinting that a cut in June is a possibility.
“I don’t want to rule that out,” said Mester, who is president of the Cleveland Fed.
Mester noted the inflation picture had not "changed very much" despite some hotter-than-expected numbers at the start of 2024.
But she said she still wants to see more data to figure out whether those readings were "a detour or whether they’re the new kind of path."
"If the economy evolves as expected, then in my view it will be appropriate for the FOMC to begin reducing the fed funds rate later this year," Mester said in a speech to the National Association for Business Economics in Cleveland.
Daly, the president of the San Francisco Fed, also called three cuts in 2024 a "very reasonable baseline" while noting "we still have more work to do."
Mester and Daly became the latest Fed officials to offer assurances about the number of cuts in 2024 while at the same time making it clear the Fed is in no hurry to ease monetary policy.
Chicago Fed president Austan Goolsbee also told Yahoo Finance late last month that three rate cuts in 2024 are "in line with my thinking."
A new inflation report released Friday showed a slight cooling in the Personal Consumption Expenditures index, which is the Fed's preferred inflation gauge. That followed stickier readings in January and February from other gauges, such as the Consumer Price Index.
==================================================
Time will tell.
In the meantime I like my current position on BPO.PR.T and see no reason to sell or switch at this time.