"When will the Fed cut rates?" has become the great macroeconomic guessing game of 2024. Regrettably, the May jobs report did little to clarify when the central bank's rate-setting committee will pivot toward easing.
The Federal Open Market Committee (FOMC) came into the year penciling in three quarter-point cuts to the short-term federal funds rate. Overly optimistic market participants anticipated at least six rate reductions this year.
