Nomura: Powell's significant influence will reduce the extent of subsequent Federal Reserve rate cuts
Due to the non-farm employment data released on Friday far exceeding expectations, the market has basically ruled out the possibility of a further 50 basis point rate cut, and economists have expressed their views. Aichi Aemiya, an international analyst at Nomura Securities, said that the Federal Reserve may reduce its interest rate cuts to 25 basis points at policy meetings in November and December. This senior economist stated that the Federal Reserve will not consider another 50 basis point rate cut for now. He made these comments before the strong employment report was released on September 27th and October 1st. Aemiya said that Fed Chairman Powell also showed his "great influence in the decision-making process of the Federal Open Market Committee (FOMC)". He said that Powell's speech at Jackson Hole at the end of August was relatively dovish, after which FOMC further reduced interest rates by 50 basis points at its September meeting; "Powell's opinion dominated the committee."
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