RBC have revised their forecast for the Federal Open Market Committee (FOMC) this year. A resilient U.S. economy and signs of reacceleration in inflation look likely to derail Fed plans to cut interest rates by 75 basis points this year – we now look for just one 25 basis point cut in December. The U.S. economy ... GDP tracking another solid increase in Q1 and employment rising quickly despite high interest ratesMore importantly, slowing inflation trends last year are showing worrying signs of reversing and reaccelerating in early 2024 – growth in the Fed’s “supercore” inflation measure (core services ex-rent) doubled to 8.2% (annualized) in March relative to last December. Federal Reserve o
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