BNY Mellon: The urgency for further tightening by the Federal Reserve has decreased.

Odaily Planet Daily News reports: Jeff, a senior macro strategist at Bank of New York Mellon, said that softer U.S. labor data and improving inflation data have reduced the urgency for further tightening by the Federal Reserve, but this has not addressed the question of whether the slowdown in growth is within controllable limits or whether policy expectations have already been overly adjusted. He said, “Global narratives are becoming less unified.” In the U.S., the issue is whether the Fed can remain patient without the risk of inflation reappearing; while in Europe, the focus of discussion is shifting from emergency inflation management to topics such as economic growth, fiscal credibility, and defense financing. (Jin Shi)
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