Wall Street has been obsessed with guessing when the FOMC will lower the Funds rate for the first time and the number of times in 2024. It’s been an instructive process. In December many on Wall Street forecast the FOMC would make the first rate cut at the March 20 meeting and cut another 5 times before the end of this year. As inflation ticked higher in the first 3 months of this year, Wall Street was forced to scale back from 6 cuts to 5, 4, 3, 2, and 1 just before the April CPI report. With Headline and Core CPI inflation ticking down Wall Street is now...
