One softer-than-expected monthly inflation reading didn’t stop Federal Reserve officials from delaying the expected start of interest rate cuts. On the same day that core consumer price index (CPI) inflation registered its softest monthly reading in almost three years, the Fed adjusted higher its estimate for where its policy rate would land at year-end. The new median rate projection is 5.1%, implying one 25-basis-point (bp) rate cut in 2024, instead of the three 25-bp cuts estimated in the previous projections back in March. Overall, the CPI and Fed news did not bring much to change our near-term U.S. outlook: ... (full story)