ICYMI – BoA survey: 76% of fund managers polled expect at least 2 Fed rate cuts in 2024

Via Bank of America’s monthly global fund manager survey (conducted between April 5 and April 11):

• 76% of fund managers polled expect two or more Federal Reserve interest rate cuts in 2024
• 8% expect no rate cut at all

The timing of this survey saw the March CPI released (10 April) but before Powell spoke on Tuesday (16 April), saying cuts were likely to take longer than previously thought, giving inflation time to come down. This diminishes its usefulness somewhat (if such opinions have worth, that is 😉 ).

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I posted yesterday on the prospects for one cut this year:

• Have expectations for the FOMC swung too far away from rate cuts this year?

The diary of Federal Open Market Committee (FOMC) meetings to come leaves little room for 2 cuts I would have thought. September and December maybe?

This article was written by Eamonn Sheridan at www.forexlive.com.