The Federal Reserve announced they will be holding interest rates steady. Fed Chair Jerome Powell revealed that potential future rate cuts have been discussed.
Yardeni Research President Ed Yardeni says the Fed's decision and messaging were "very rationale" and a "correct assessment." In his view, the Fed's monetary policy signals the economy is slowing as expected without entering recession territory, while inflation continues on a moderating trajectory.
"All of a sudden the Fed seems to be dovish," Yardeni exclaims, believing recent commentary points to a pivot to an easing policy stance. With the change in tone, Yardeni now predicts a Fed rate cut is possible as early as March 2024.
"I mean for two years now, it's like everything is gonna go wrong," Yardeni tells Yahoo Finance. "And now... everybody's agreeing that it's going right, let's enjoy it for a day."
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