In a speech Thursday, Federal Reserve Chairman Jerome Powell reiterated his commitment to getting inflation down to the central bank’s 2% target. Powell cautioned, however, that if economic data continues to be strong, it could warrant further rate hikes. RiverFront Global Fixed Income CIO Kevin Nicholson tells Yahoo Finance Live anchors Julie Hyman and Josh Lipton that Powell “hedged his bets at every turn” in the speech, adding that he expected the Fed to raise rates one more time this year. When it comes to the Fed cutting rates, Nicholson says that the strength of recent data “leads me to believe that the Fed is not going to cut rates at all in 2024.”
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