The FOMC meeting and Chair Powell’s press conference overshadowed economic data last week. Going into the FOMC meeting Wall Street was concerned that after 3 months of not good inflation data the FOMC might consider a rate hike, rather than numerous cuts in 2024. The idea that the FOMC would increase the Funds rate was almost as ridiculous as the notion of 6 rate cuts that was the consensus outlook in January. Wall Street failed to see the less than rosy inflation news coming in the first quarter, which might explain why an increase was feared. I explained why the FOMC wouldn’t consider...
