ACTV - The Happiest Fed Ever
2024-03-23 02:15:00 ET
Summary
- After growing 3.2 percent in the fourth quarter last year (and 3.1 percent for 2023 overall), the median FOMC projection for 2024 real GDP growth is 2.1 percent.
- With that higher growth estimate came expectations of somewhat stickier inflation, with the core PCE now projected to be 2.6 percent this year, compared to the December ’23 estimate of 2.4 percent.
- What had traders waiting with breathless anticipation more than anything else, of course, was to see whether the Committee members’ estimates last December for three 2024 rate cuts were still intact.
No, Jay Powell did not do a happy dance at the post-FOMC press conference, but the Fed chair was feeling good on Wednesday and it showed. And why not?...
The Happiest Fed Ever