Robert Eisenbeis, Ph.D. quoted in this excerpt from U.S. News & World Report ...
Fed Raises Rates One More Time, Offers No Hint Whether It Is Finished
By Tim Smart | July 26, 2023
The news comes as there are anonymous reports of some division within the Fed between the “hawks'' who believe more rate hikes are necessary and the “doves” who think monetary policy is sufficiently restrictive.
For the most part, the markets have bought into the dovish view, boosting stocks in recent weeks in anticipation of interest rate cuts coming later this year or early in 2024 as the economy slows down sharply.
Recent data has clearly shown some economic slowdown, but not enough to suggest a broad recession is imminent.
“The picture gleaned from these data is that there are signs of positive growth in the 1.8–2% range, continued modest price pressures, and a relatively firm labor market,” Robert Eisenbeis, vice chairman and chief monetary economist at Cumberland Advisors, wrote on Tuesday. “All point to the conclusion that the current policies are working and that the incoming data show little signs of an imminent recession.”
Read the full article at U.S. News & World Report: https://www.usnews.com/news/economy/articles/2023-07-26/fed-raises-rates-one-more-time-offers-no-hint-whether-it-is-finished
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