💸 The Fed's balance sheet fell by $21.37 billion in one week.

▪️Bostic, Fed Chairman:

– I think the Fed will cut interest rates once this year and four times in 2025.

▪️Daley, Fed Chairman:

- Good US macro data (PCE) came out today, but for now the Fed needs to continue the fight against inflation.

▪️Bowman, Fed Chairman:

- I am still not ready to support a Fed rate cut as inflation pressure remains elevated.

▪️IMF:

- The Fed should wait to ease monetary policy until the end of 2024.

- We predict one Fed rate cut this year.

📌 Market expectations (#Fed rate):

- July 31: Pause.

- September 18: decrease by 25 bp. up to 5.00-5.25%.

- November 7: Pause.

- December 18: decrease by 25 bp. up to 4.75-5.00%.

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