Respondents, including economists, strategists, and analysts, believe the Fed is now on hold into September of next year.
Respondents to the CNBC Fed Survey expect no additional rate hikes from the Federal Reserve and have fully embraced its"higher-for-longer" mantra.The survey also showed a 49% expectation of a recession in the next 12 months and a 42% chance of a soft-landing.
"I believe Powell & Co. can now be patient, sit back and see how all the tightening that has already taken place on the short end and recently on the long end plays out," Peter Boockvar, chief investment officer for Bleakley Financial Group, wrote in response to the survey."And it will play out as higher rates continue to squeeze more and more households."
It's now forecast on average to end 2024 at 4.6%, assuming about 75 basis points of rate cut. In June, the year-end 2024 funds rate was forecast at 3.8%, which assumed 125 basis points of cuts. A basis point equals 0.01%.Americans are still putting way too much food into landfills. Local officials seek EPA's help
"The Fed is too focused on a soft landing and has relegated hitting its target on inflation to a distant 'eventually,'" wrote Robert Brusca, chief economist at Fact and Opinion Economics. He calls for the Fed to push harder now to bring down inflation and boost unemployment., is seen declining to 2.9% next year and around 2.
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