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Economic Pulse - Patience: No Longer a Virtue

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Patience: No Longer a Virtue

Today’s FOMC statement all but guaranteed a rate cut will be forthcoming at its next meeting in July. Whereas the May statement from the Fed read: “In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate  to support these outcomes,” today’s statement removed the reference to "patience" and similarly deleted the reference to global developments. Instead, "uncertainties" about the outlook for domestic economic activity, labor market conditions and inflation increased, with one member voting for a rate cut today.

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