The Boock Report

The Boock Report

Share this post

The Boock Report
The Boock Report
The FOMC statement nudges, doesn't push us to a Sept rate cut but Powell likely will

The FOMC statement nudges, doesn't push us to a Sept rate cut but Powell likely will

Peter Boockvar
Jul 31, 2024
∙ Paid
Share

Again, the FOMC is leaving it to Jay Powell’s press conference in order to glean where the lean is on the timing of rate cuts as the statement had only modest changes, though still of note. The set up for that September cut was some tempering of the wording on the labor market. In June they said, “Job gains have remained strong, and the unemployment rate has remained low.” This was replaced with “Job gains have moderated, and the unemployment rate has moved up but remains low.”

Also, there was a very modest tweak to the inflation comments but also a set up for a cut. In June they said, “there has been modest further progress toward the Committee’s 2% inflation objective.” Today that line reads, “there has been some further progress toward the Committee’s 2% inflation objective.”

Keep reading with a 7-day free trial

Subscribe to The Boock Report to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Peter Boockvar
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share