The US central bank will hold off on interest rate cuts until at least July 2024 and deliver less relief than financial markets expect, according to leading academic economists polled by the Financial Times.
While most of those surveyed thought the rate-raising phase of the Federal Reserve’s historic monetary tightening campaign was now over, almost two-thirds of the respondents thought the central bank would only begin to cut its benchmark rate by the third quarter of 2024 or later.
Three-quarters of the economists, polled between December 1 and December 4, also expect the Fed to lower the federal funds rate from its current 22-year high of 5.25-5.5 per cent by just half a percentage point or less next year.
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