While the Federal Reserve might like to get another interest rate hike in later this year, BlackRock’s Rick Rieder thinks the Fed has done enough.
The central bank is scheduled to release its policy statement on interest rates along with a summary of its economic projections on Wednesday at 2 p.m. Eastern Time, with investors widely expecting it will keep its benchmark interest rate steady at the current 22-year high.
In Rieder’s view, the Fed should stop hiking rates as “you’re seeing a pretty significant downshift in inflation,” while employment is starting to slow, following the central bank’s monetary tightening. The Fed began lifting its benchmark rate from near zero in March 2022, followed by a series of rapid rate hikes that took it to the current target range of 5.25% to 5.5%.
He expects Chair Powell will reiterate that the central bank is proceeding “carefully” as the Fed evaluates economic data to determine whether another rate hike will be needed or not. Macy’s Inc. last month reported a loss in its second quarter and a decline in sales. “In light of ongoing macroeconomic pressures and uncertainty on when those will abate, the company continues to take a cautious approach on the consumer,” Macy’s said Aug. 22 in its earnings announcement.
More broadly, the U.S. stock market has declined this month, with the S&P 500 SPX slumping 1.4% in September through Tuesday, as investors turn their attention to Chair Powell.
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