As the Federal Reserve maintains its policy interest rate at a 23-year high of 5.25%-5.50%, anticipation builds for a potential rate cut in September.
Fed Chairman Jerome Powell hinted at a possible reduction if inflation continues to drop.
The market currently sees a 51.5% chance of a 25 basis point cut and a 48.5% chance of a 50 basis point cut.
Bank of America CEO Brian Moynihan warned that delaying rate cuts could harm US consumers.
In a CBS News interview, he emphasized the need for timely reductions to avoid disappointing consumers, which could be hard to reverse.
Regarding former President Donald Trump’s suggestion that presidents should influence Fed decisions, Moynihan stated that while advice is welcome, the final decision should remain with the Fed chair.
He noted that economies with independent central banks perform better.
Robert Kiyosaki, author of Rich Dad Poor Dad, has issued a bold prediction on silver, calling it the “best asymmetric buy” currently available.
Fresh data on Personal Consumption Expenditures (PCE) — the Federal Reserve’s preferred inflation gauge — shows inflation ticked higher in May, potentially delaying the long-awaited Fed rate cut into September or later.
Federal Reserve Chair Jerome Powell is once again under fire, this time facing renewed criticism from Donald Trump over the Fed’s decision to hold interest rates steady in June.
Billionaire investor Ray Dalio has sounded the alarm over America’s soaring national debt, warning of a looming economic crisis if no action is taken.