Jerome Powell pumped the brakes on rate cuts, but Goldman still eyes a soft landing because of the strong job market [Fortune]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Fortune
On Tuesday, during a public appearance with Bank of Canada governor Tiff Macklem in Washington, D.C., Powell said it was too early for the Federal Reserve to consider rate cuts because inflation hasn't been low enough, for long enough “Right now, given the strength of the labor market and the progress on inflation it's appropriate to allow restrictive policy further time to work and let the data and evolving outlook guide us,” Powell said. Powell's remarks came after a third straight higher-than-expected inflation report that scuttled many Wall Street predictions of upcoming rate cuts. The economy remains resilient, fighting through the high interest rate environment, but with inflation refusing to budge, economists and analysts started to wonder if the soft landing would happen . Maybe unemployment would have to go up for inflation to come down to the Fed's 2% target? Not for Goldman Sachs , though. Despite the pessimism caused by March's inflation figures, the bank remains st
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