Friday's booming U.S. jobs report should give the Federal Reserve all it ne...
WASHINGTON - Friday’s booming U.S. jobs report should give the Federal Reserve all it needs to stick to its plan not to cut interest rates further in the near future, so when U.S. central bankers meet this week, most of the focus will be on their outlook for next year and beyond.
The Fed has made clear that it plans to stand pat on rates barring a “material” change in the U.S. economic outlook. Policymakers will assess how the three interest rate cuts they’ve implemented this year, most recently at the last meeting in October, filter through the economy over the coming months.
The Fed, however, has a spotty history with its year-ahead interest rate projections, having hit its median forecast only three times since they were introduced in 2011. Traders are betting that the Fed will cut rates once in 2020, according to an analysis of Fed funds futures contracts compiled by the CME Group.Fed policymakers’ forecasts for future U.S. economic growth this time around will be in sharp focus. In September, policymakers’ projections for 2020 growth ranged from 1.8% to 2.1%, consistent with what the Fed sees as the economy’s potential growth rate. But if growth ebbs below trend pace next year, that could cause policymakers to ease again.
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