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What will the US GDP growth rate be for Q4 2024?
4
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US Bureau of Economic Analysis (BEA) GDP reports
Story
Fed Chair Powell Signals Confidence in Soft Landing with 50 Bps Rate Cut, Two More Cuts Expected
Sep 30, 2024, 06:06 PM
Federal Reserve Chair Jerome Powell, speaking at the NABE 2024 conference, expressed growing confidence in the central bank's ability to achieve a soft landing for the U.S. economy. Powell announced a 50 basis points rate cut, reflecting optimism that the policy recalibration can sustain labor market strength and guide inflation towards the 2% target. He indicated that if the economy evolves as expected, the policy will gradually shift towards a more neutral stance. Powell emphasized that the Federal Reserve is not on any preset course and will make decisions on a meeting-by-meeting basis, considering two-sided risks. The U.S. economy is described as being in solid shape, with labor market conditions roughly balanced. Powell noted that further disinflation is anticipated, supported by recent data showing broad-based progress. He also mentioned that two more 25 basis points cuts could be expected later this year, contingent on economic conditions. Revisions to GDI, personal income, and the savings rate have removed downside risks, suggesting that consumer spending can continue at a healthy level.
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