SINGAPORE – Last week, Federal Reserve chairman Jerome Powell indicated that after a series of disappointing inflation data, the US central bank is unlikely to cut rates by June. At the same time, he remains convinced that deflationary pressures are still in play, and has no intention of hiking rates.
In short, the Fed funds rate could stay unchanged at 5.25 per cent to 5.5 per cent for the foreseeable future. How the highest rates in 23 years prevailing through much of the second half of 2024 will impact future corporate earnings and consumer spending remains to be seen.
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