Economists now see the likelihood of three quarter-point reductions before the end of the year, along with multiple moves in 2020 until it becomes clear that the U.S. central bank has staved off a recession.
Squawk Box
Carpenter sees another cut in December then one final reduction in March 2020 for a full cycle of 100 basis points lower, taking the Fed's benchmark funds rate down to a range of 1% to 1.25%. That jibes with current pricing in the futures market which sees the funds rate around 1.12% by the end of next year.In their most recent projections in June, they indicated the longer-run funds rate to be at 2.5%, or higher than the current target range of 2% to 2.25%.
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