By Greg Robb
Federal Reserve Chair Jerome Powel's remarks on Tuesday suggest September is the month that the U.S. central bank is considering for the first interest-rate cut, said Krishna Guha, the vice chairman of Evercore ISI, on Tuesday.
In his talk earlier Tuesday, Powell made repeated references to being patient and that it may take longer than previously thought to have the confidence to cut rates, Guha noted, in a note to clients.
That suggests the Fed could be looking past July, Guha, a former top staffer at the New York Fed, said.
"We confirm our modal view, with the base case being two cuts [in 2024] starting by September. The next most likely outcome is no cut before next March, Guha said.