Bank of America: Various factors support the Federal Reserve's first decline in December
2024-05-25 07:50:39
Bank of America sees upside risks to inflation as a result of strong services spending, a still tight labor market and an uncertain fiscal outlook. Even if the PCE inflation measure has been edging closer to target, the resilience of U.S. economic growth and a positive output gap make any monetary easing look premature. This supports our view that the easing cycle begins in December. The impact and uncertainty surrounding the U.S. election may be another reason why the U.S. does not want an early rate cut.
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