October’s Consumer Price Index (CPI) print came in cooler than expected, raising hopes that inflation is beginning to moderate in late 2023. Does this change anything for the Federal Reserve and its 2% inflation target?
BNP Paribas US Economist Yelena Shulyatyeva explains expectations she has for Fed interest rate cutes in 2024 and how the Fed’s rhetoric has changed.
The Fed has become “so much more cautious even as inflation continues to run high, they have become much more cautious talking about risk approach, risk management when they conduct monetary policy,” Shulyatyeva tells Yahoo Finance. “Today’s number just helps to alleviate some of the concerns that the process is not going the way it should.”
Shulyatyeva also references the University of Michigan’s consumer sentiment survey while affirming that “consumers are not happy about inflation still.”
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