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The Federal Reserve is likely to cut interest rates twice this year. A 25-basis-point reduction is expected in each of the September and December meetings. This forecast is based on the current strong labor market and declining inflation trends.
The US labor market is showing signs of cooling down. Job openings are declining and the unemployment rate is increasing to 4.3%. Wage growth is easing which should help keep inflation in check.
Inflation rates have been trending lower. The Fed's preferred measure core Personal Consumption Expenditure is below 3%. The US economy is expected to continue growing at a slower pace.
The Fed's goal is to maintain economic stability while controlling inflation. The Fed is expected to take a cautious approach to interest rate decisions. With inflation risks diminishing the Fed is likely to start cutting rates in September.