Fed's Nominal Growth Forecast Smacks of Recession
What was delayed in 2023 shall not be derailed in 2024
Highlights
Bonds rally across the globe with the tightening cycle now in the rear-view mirror
Yesterday’s FOMC meeting was all about how far and how fast to cut rates
The Fed is acting on real-time survey signals such as the Beige Book
The FOMC’s nominal growth projection (3.8%) is recessionary
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