ING analysts predict three Fed rate cuts in 2024 due to weakening economic data

From Investing.com: 2024-07-04 06:31:02

ING analysts are warning that the Federal Reserve may cut interest rates three times in 2024, exceeding expectations due to weakening economic data and a softening job market. The ISM services index hit a four-year low in June and jobless claims are on the rise, signaling a potential rate cut in September. ING stresses that these indicators historically lead economic cycle changes and point to growing downside risks. With inflation slowing, the case for a rate cut in September is strengthening as the Fed aims to prevent a recession and adjust policy accordingly.



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