Fed's Harker Says If My Economic Forecast Plays Out, I Think One Rate Cut Would Be Appropriate By Year's End; Two Cuts Or None Also Quite Possible, Depends On Data; More Data Is Essential To Come To A Decision On Rate Cuts Given Choppiness So Far This Year; Over The Ensuing Months I Will Continue To Closely Monitor Data On Inflation, Labor Markets And Economic Activity
Portfolio Pulse from Benzinga Newsdesk
Philadelphia Fed President Patrick Harker stated that a single rate cut by the end of the year could be appropriate if his economic forecast materializes. However, he also mentioned that two cuts or none are possible, depending on incoming data. Harker emphasized the importance of monitoring inflation, labor markets, and economic activity due to the economic volatility experienced this year.
June 17, 2024 | 5:01 pm
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NEUTRAL IMPACT
Philadelphia Fed President Patrick Harker's comments on potential rate cuts introduce uncertainty into the market. SPY, representing the S&P 500, may experience volatility as investors react to the possibility of rate cuts and the need for more economic data.
Harker's comments introduce uncertainty regarding future rate cuts, which can lead to market volatility. SPY, as a broad market ETF, is likely to be impacted by investor reactions to these statements and the incoming economic data.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100