At the Federal Reserve, representatives say one thing and another. But the loudest voice is data, and it's currently murmuring that rate cuts will be a long way off — and possibly not be the three reductions the Fed is currently promising.
The Fed always brings up the dual mandates of controlling prices via inflation and supporting full employment. However, there is an apparent shadow third mandate: don't spook the markets.
Investors, taken in a collective mass, have been assuming for a while that interest rate cuts would come quickly and decisively. It's only now, after repeated admonitions from the Fed, that they seem to have begun hearing that rate reductions aren't going to be either.
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