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“Powell is not stupid. If he set expectations for more than 75 basis points of rate cuts, he did it for a reason. As lower inflation filters through the economy, firms that this year were able to raise prices will find it more difficult to do so next year, and may need to turn to trimming labor costs to protect their profits. Signaling easier policy ahead is a bid to head off those kinds of nasty disinflationary dynamics.”
22 Dec 2023
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