Ed Yardeni Sees Fed Pausing Rate Cuts for 2024 After Jobs Report [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
Further policy easing would risk sparking inflation just as oil prices rebound and China seeks to jump start its economy, according to the founder of Yardeni Research Inc., who famously coined the “Fed Model” and the “bond vigilante.” The market prognosticator says the central bank's September decision to lower rates by half a percentage point — a move usually reserved to tackle a recession or market crash — was “not necessary” with the economy riding high and the S&P 500 hovering near records. “They don't need to do more,” Yardeni wrote in an e-mailed response to questions. “I assume several Fed officials regret doing so much.” Stocks climbed Friday while Treasury yields and the dollar spiked after government data showing the biggest increase in nonfarm payrolls in six months. The report also revised up the hiring numbers for the prior two months and indicated a drop in the unemployment rate. Yardeni is the latest to chime in on Fed policy after the data on job growth topped
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