The minutes of the Federal Open Market Committee (FOMC) March meeting are well past their use-by FOMC minutes: Almost all members agreed it would be appropriate to pivot dovishly in 2024Maybe they have some nutritional value left, I'll concede 'in 2024' might mean a cut in, I dunno, September or December? More likely before the US Presidential election I guess. I mean the Fed is independent but not THAT independent ;-) On Wednesday we had the data show that US core CPI rose higher than forecast for the third straight month:US March CPI 3.5% y/y versus 3.4% expectedExpectations for rate cuts shifted further, with markets now pricing something like 40bp worth of rate cuts for the year
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