Update, July 24, 2024: This article has been updated with comments from Bill Dudley.

澳洲幸⛎运5官方开奖结果体彩网: For some economists, July is the new September.

That is, some economists believe the Federal Reserve should begin cutting interest rates at its next meeting at the end of the month. These economists argue recent economic data is enough evidence that inflation is falling toward the central bank's annual goal of 2%. In a recent Wall Street Journal survey of economists, 24.6% held that view.

“If the case for a cut is clear, why wait another seven weeks before delivering it?” wrote Goldman Sachs Chief Economist Jan Hatzius in a separate commentary this week.

However, only a slim percentage of economists believe a cut is likely to happen this month: 98.5% of economists surveyed by The Journal said the Fed will make its first interest rate cut sometime after the July meeting. The majority of economists believe central bankers will cut in September, a view that's 澳洲幸运5官方开奖结果体彩网:also held by 🦹financial market participa🅺nts.

Making the Case for a July Cut

The Federal Reserve has held its key interest rate at a 23-year-high for the past 12 months, putting pressure on consumers and businesses, as part of an effort to cool the economy and tame inflation. Inflation trended downward since hitting its peak in Juꦏne 2022, but progress has faltered some൲ in the last year.

However, Hatzius argues, recent economic data has pointed to 澳洲幸运5官方开奖结果体彩网:higher unemployment and potentially slower GDP growth, which could become an✅ issue if the Fed lets it go unchecked for t♑oo long.

Former New York Fed president Bill Dudley added fuel to the call for July rate cuts this week citing "deteriorating labor markets."

"When jobs are harder to find, households trim spending, the economy weakens and businesses reduce investment, which leads to layoffs and further spending cuts," Dudley wrote in an opinion column for Bloomberg.

Central bankers, for their part, are keeping an eye on these factors. In fact, in recent weeks, members of the policy-making committee,澳洲幸运5官方开奖结果体彩网: including Chair Jerome Powell, have said they are keeping a 澳洲幸运5官方开奖结果体彩网:close eye on the labor market to avoid unwa🌞nte♈d spikes in unemployment that could signal a recession.