The bank's chief strategist said the U.S. economy is doing very well right now and inflation "could fall completely without a recession."
On his outlook for a rate cut, he said not this year
"Unless the economy somehow collapses, we certainly won't get a rate cut this year."
Where we expect the Fed to start slowly cutting rates in spring 2024 if inflation continues to slide toward its target of 2%
Also, rapid rate cuts could come if the labour market starts by "lighting up an orange light that we're about to go into recession" with consecutive monthly job losses in nonfarm employment reports coming out the first Friday of each month.
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