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It is still unclear whether the Federal Reserve will cut interest rates in 2024, which led many Wall Street analysts to adjust their market forecasts to accept the revised interest rate reality. However, Citigroup strategists still firmly believe that interest rates will be cut as early as June or July.
Veronica Clark, an economist at Citi, joined Market Dominion to discuss why Citi's Federal Reserve forecast did not waver.
Clark said bluntly: "We still have a basic forecast for June or July. But I think the fundamental difference for us is that we do think the Federal Reserve has a more dovish response. But this does not mean that we see some strange slowdown in inflation data. If there is, we still think inflation is very sticky. We believe that the Federal Reserve is studying some labor market data, even our survey data this morning and PMI service industry employment data, and we are worried that we may be entering a weak labor market, and we are very eager to prevent this from happening. "
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