NEW YORK (ICIS)–The US chemical industry, along with other interest-rate sensitive sectors, is poised to get a lift as the US Federal Reserve moves closer towards its first interest rate cut – a move increasingly likely in September.
“The economy is moving closer to the point at which it will be appropriate to reduce our policy rate,” said Fed chair Jerome Powell at the FOMC press conference.
“The question will be whether the totality of the data, the evolving outlook and the balance of risks are consistent with rising confidence on inflation and maintaining a solid labor market. If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September,” he added.
The economy is seeing broader disinflation today, including now in both housing and non-housing services, compared to last year when it was centered on goods.
Published by: www.icis.com
Joseph Chang
31-Jul-2024
