The first FOMC meeting of 2024 has concluded, with the FOMC surprising nobody by keeping the rates unchanged. The messaging around the decision impacted markets, sending stock index futures lower with the initial statement, and Fed Chair Jerome Powell’s press conference moving the markets in both directions 30 minutes later.
But what in the messaging impacted the markets so wildly? Former CME Group Senior Economist Blu Putnam joined us on this week’s episode of “See the Futures” to explore why Powell is cautious about cutting rates sooner than later. Hint: Data dependency takes center stage, and Blu shares which data sets he believes the Fed is watching closely to form their opinions.
Additional topics discussed in this free livestream:
The relationship of interest rate differentials and foreign exchange rates
How the introduction of U.S. Treasury futures changed how interest rate risk affects the economy
Why inflation is approaching the Fed’s target rate of 2%
Why seasonally adjusted data is important in the new year
Chart analysis of PCE core inflation, plus PCE core inflation vs. fed funds rate, U.S. unemployment rate, U.S. labor force participation rate and more
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