Substantial interest rate cuts are just "nonsense"? Wall Street veteran: The Fed will only cut interest rates once this year!
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Wall Street veteran Ed Yardeni predicts that the Federal Reserve will only cut interest rates once this year, despite market expectations of a 100-125 basis point cut. He believes that the solid foundation of the U.S. economy is not sufficient to support a significant rate cut. Despite the soft July non-farm payroll report, he expects the next report to be stronger, with inflation expected to fall to 2% by the end of the year. Meanwhile, the GDP growth rate for the second quarter was 2.8%, indicating an acceleration in the economy. The New York Fed predicts a 56% chance of a recession by July next year
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