The Federal Reserve left rates unchanged today. The last two inflation reports being worse than expected have created bumps in the road which continues the higher for longer narrative of the Federal Reserve.

There were some positive pieces to today’s meeting with the slowing of the sale of treasuries on a monthly basis beginning on June 1, 2024. This is a good indicator that we are possibly at a tipping point to start seeing some cooling in the economy, which will ultimately lead to future rate cuts.

As indicated in many shows, I do believe that our first rate cuts will not come until fourth quarter of 2024 whether that we earlier or as late as December.

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