Response to Fed Chair Powell testimony - Bank of America stick with June rate cut call ...Middle East

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Response to Fed Chair Powell testimony - Bank of America stick with June rate cut call
A snippet from Bank of America analysts on Powell's two days of testimony. Powell ... said that significant progress has been made on reducing inflation and the Fed has "some confidence" that inflation will converge to 2%. He said that "a little" more data is needed to give them more confidence and that Inflation data need not get better for the Fed to cut. It simply needed to be more of the same. In response to a different question, Powell said "a little more evidence" that inflation was sustainably returning to the Fed's target was all that was needed for the committee to cut rates. He also said the Fed would not wait until inflation had reached 2% but would act in advance of inflation get

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