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Bank of America Abandons 2024 Rate Cut Forecast, Delays First Cut to H2 2027

GateNews
Forex

According to ChainCatcher, Bank of America economists abandoned their previous forecast for rate cuts in September and October 2024 on May 8, citing persistent inflation above expectations and solid employment growth. The bank now expects the Federal Reserve’s first rate cut in the second half of 2027. U.S. April CPI rose 3.8% year-over-year, the highest since May 2023 and above market expectations of 3.7%. The economists noted multiple headwinds—including geopolitical tensions, tariffs, and artificial intelligence developments—have increased uncertainty around rate forecasts.

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