The Fed is done hiking rates – and could even cut early next year, Fundstrat's Tom Lee and Mohamed El-Erian say
will not hike interest rates in September and that cuts are likely to follow just a few months later," he added.
Over the past year, the Fed has aggressively hiked benchmark borrowing costs from near-zero levels to upwards of 5%. That's about 500 basis points since early 2022. The tight monetary policy came in response to sky-high inflation above 9% last summer, with the central bank aiming to cool consumer price pressures to its 2% target.
Investors have cast doubt on the Fed's policy so far this year, worrying that any further rate hikes could tip the US economy into recession. With the next policy meeting coming up in over a month's time, a majority of traders are bracing for another pause in interest rate hikes,
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