The Fed's Position on Rate Cuts

Powell said in a Q&A that they don't expect any rate cuts this year. But he did indicate that the members of the FOMC believeRate cuts are going to start next year in 2024. The Fed also removed from their forecast a mild recession, which is something they never do. According to Powell, based on the economic data that has come out since that forecast, the economy now looks strong enough for a soft landing.