June 2024 Fed Recap: One is the loneliest hawkish number (we've ever seen)!
2024 dot expectations collapsed to just one cut, rest of easing is pushed back
A hawkish leaning SEP, with now only one cut in ’24, along with chair Powell’s more hawkish than usual tone at the presser, has us pushing back our call for the Fed’s first cut to September. We still think the Fed should start normalization sooner rather than having to cut aggressively in the future if conditions worsen.
Please see the link above for PDF for the full write-up with charts…
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