Federal Reserve Chairman Jerome Powell is set to deliver a speech at Spelman College in Atlanta today, with a fireside chat to follow. The event is scheduled to begin at 11 a.m. ET. Powell’s remarks are of particular interest to the market, as there is speculation about whether the Fed will cut rates in the near future. Although market pricing suggests that the Fed could begin cutting rates as soon as March 2024, officials have been hesitant to discuss the possibility of policy easing, stating that recent progress against inflation is insufficient. Powell’s speech will be his final policy address before the rate-setting Federal Open Market Committee meets on Dec. 12-13. For more information on this topic, you can read the full article on CNBC about the conditions that would lead to a rate cut in 2024, as well as the possibility of further rate hikes if inflation does not continue to ease. Moreover, recent data shows that the U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than initially indicated.
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