Economist Tom Porcelli: Even with a 100 basis point rate cut, Fed policy is still tight
2024-08-18 15:58:01
Tom Porcelli, chief U.S. economist at PGIM Fixed Income, said that the current federal funds rate of 5.3% appears relatively high compared to the current consumer price inflation rate of less than 3%. Even if the rate is cut by 100 basis points, the Federal Reserve's policy is still tighter. Policy is calibrated according to significantly higher inflation and significantly lower unemployment, but these conditions have changed.
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