Many interpreted from the latest FOMC meeting that the Fed is going to have three rate cuts this year, but Jerome Powell did not say that.
Let me quote directly from his transcript:
“If the economy evolves as projected, the median participant projects that the appropriate level of the federal funds rate will be 4.6 percent at the end of this year”
And he added: “These projections are not a committee decision or plan”
In today’s tutorial we will discover why so many of us got it wrong in what he is trying to tell us. And who are these participants?
10-Year Yield Futures Ticker: 10Y Minimum fluctuation: 0.001 Index points (1/10th basis point per annum) = $1.00
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