A Fed Funds Rate Cut Is Just a (Small) Matter of Time

The about face didn’t take long, did it? As I noted last week, markets weren’t expecting an actual rate cut at the Federal Open Market Committee (FOMC) meeting June 18-19. And they didn’t get one.

Yet they received a gift almost as good and something I also have been harping about the past few weeks. Though chairman Jerome Powell would never say this, the Fed has changed its spots. The bias, if not the central bank’s stance, is now accommodative. (See page 1.) In two short months, th...

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