Key Inter-Meeting Fed Speak – Nov 2024

Ahead of next week's Fed decision, we've published our summary of FOMC participant communications since the September FOMC meeting, including analysis of the latest Beige Book and MNI's Hawk-Dove Matrix. 

In Committee communications since the September meeting, participants have kept the door open to at least one more rate cut in the two remaining meetings to end-2024 – but have also likely closed the door on another 50bp cut. Three themes stand out:

• First, with Powell’s lead, participants have played down the perception that September’s 50bp cut represented a new normal.
• Second, there has been limited concern about the signal sent from the strong payrolls figure from the participants we have heard from since its release on Oct 4.
• Third, as a result of the uncertainties over current restrictiveness and the ultimate destination for rates, several participants emphasized the need for a cautious “meeting-by-meeting” approach to cutting.

PDF Analysis:

FedPrevNov2024 - FedSpeak.pdf