The median FOMC projection is for 2.8% core PCE inflation in 2024 (Q4/Q4). Will require inflation to fall from the 3.2% annual rate over the last 6 months to a 2.4% annual rate (monthly prints of 0.20%). Reasonable to expect slowing but I would still be a touch nervous. pic.twitter.com/1xvKPM5OFo

The FOMC made the wise move by declining to move again in June--and signaling only one more rate cut this year. Would be nice if the data pleasantly surprises and they can do more but we've had basically two good inflation months in the last year so more data needed.

Fed Chair Jay Powell’s approach to cutting interest rates based on forecasts that inflation will continue moving lower could be summed up by the phrase “Trust, but verify.” He used the word “confident” or “confidence” 20 times at a press conference www.wsj.com/economy/central-banking/stung-by-past-mistakes-a-wary-fed-takes-its-time-e361a364?st=57v57wvnlafntfi

Time for #Fed policy recalibration... with dis-#inflation progressing & labor market conditions softening. June or July cut would have been optimal, but unfortunately too much emphasis on 1st rate cut in the absence of a forward-looking framework, leading to policy hesitancy pic.twitter.com/KqhUKIh4ql