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The Federal Reserve offered little guidance on the outlook at its July meeting, striking a somewhat hawkish tone.

Fed Policymakers: Split Decision
We expect the Fed will resume gradual interest rate cuts later this year, depending on U.S. labor market trends.

Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.

Mounting risks to growth and inflation have the Federal Reserve taking a cautious approach to monetary policy.

Fed Sees No Need to Hurry
Facing an uncertain outlook, the Federal Reserve holds rates steady and signals a watch-and-wait approach.

Macroeconomic uncertainties prompted the Federal Reserve to signal a slower pace of policy rate cuts in 2025 and beyond.

Recent economic data support the Federal Reserve’s meeting-by-meeting approach to rate cuts.

We believe the Fed is on a path to continue to cut rates over the next several meetings to realign monetary policy with a now more “normal” U.S. economy.

The central bank’s latest policy statement and Chair Jerome Powell’s remarks suggest that an initial interest rate cut could come as soon as September.