“It doesn’t matter when the Federal Reserve starts cutting rates. What really matters is where they finish.” That is one view that is being heard around Wall Street.
At first glance, this advice serves as a timely caution for the many market participants currently obsessed with whether the Federal Reserve, reassured by the latest inflation data, will begin its rate-cutting cycle in September or wait longer, as several Fed officials suggested last week.
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Financial Times
Mohamed A. El-Erian, is president of Queens’ College at the University of Cambridge and a professor at the Wharton School of the University of Pennsylvania
