Shifting Election Odds Erases “Trump Premium,” but it Remains Difficult to Be Bearish Amid Falling Rates and Dollar
Aug 1, 2024
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Ideal FOMC Outcome
This week's events have been a reminder that while macro factors can align favorably, idiosyncratic elements can sometimes complicate the picture. On Wednesday, the Federal Reserve decided to hold interest rates steady until September. Notably, the FOMC statement emphasized the Fed's dual mandate, a significant shift from previous communications. Fed Chair Jerome Powell expressed a dovish stance, indicating a potential openness to rate cuts in September, contingent on forthcoming data. Although he refrained from making any guarantees, his tone was notably accommodative.
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