In this episode of “See The Futures,” NinjaTrader’s Jim Cagnina and special guest Blu Putnam of CME Group discuss the Fed’s current policy stance and possible future FOMC actions as inflation remains elevated, well above the 2% long term goal.
Following last week’s FOMC meeting, the Fed announced they’ve kept the Federal Funds Target range unchanged at 5.0 - 5.25%. Watch as we explore what this means for ongoing monetary policy.
FOMC Meeting Minutes: Moderate economic expansion
The Fed acknowledged economic activity continued to expand at a modest pace with job gains robust and unemployment low. Chairman Powell also suggested that the median projection for the Fed Funds effective rate could be 5.6% by the end of the calendar year, and 4.6% by the end of 2024.
Additional topics discussed include:
- Data-dependent and what data could change thinking between now and the next meeting
- 28 years of slow/subdued inflation sudden swing
- Globalization, technology and demographic shifts
- Labor market tightening in the shadow of AI, supply chains and baby boomers retiring
- Core inflation vs. headline inflation
- Monetary policy tight with core inflation below and Fed Funds Rate
- Progress on inflation to date
- Shelter component of CPI and the strange housing market
- Effect if any of quantitative easing
- Financial vs. human capital
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