Social media reports overnight on comments from former New York Fed economist Steven Friedman:

  • Federal Reserve policymakers will stay cautious about cutting interest rates this year given strong growth and volatile inflation, and there's a rising chance they will deliver even fewer than the three cuts embedded in official projections, former New York Fed economist Steven Friedman told MNI.
  • "Three rate cuts as a base case this year still looks reasonable, but the risks are now increasingly skewed to fewer than that and a later start," he said in an interview. "This is going to be a very cautious cutting cycle."


It was only 8 weeks ago that analysts were looking for six or even seven FOMC rate cuts in 2024. Yesterday I reported on an analyst saying there won't be any at all:

Three cuts is somewhere in the middle.

There will (maybe) be new information incoming on Wednesday, US time:

New York Federal Reserve
New York Federal Reserve