BofA expects the Fed to start cutting in December:Persistent Inflation: Inflation is expected to remain above the Fed's 2% target until 2026 due to strong labor demand and increased consumer spending.Gradual Rate Cuts: The Fed is expected to start easing rates in December 2024, with cuts continuing quarterly to a terminal rate of 3.5-3.75% by 2026.Risk of Sticky Inflation: A key risk identified is that inflation might remain sticky, necessitating the Fed to keep rates higher for longer than anticipatePossible Implications:Fixed income: The higher-for-longer interest rate environment implies a challenging period for bond prices, which typically inversely correlate with interest rates.US Dolla
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