“We know that there is no traditional justification for U.S. rate cuts in the short term. Employment is strong, retail sales are beating expectations, Q1 GDP is expected to be not much lower than Q4, and inflation is proving stubborn. Even Fed Chair Powell, yes, he who less than four months ago told us that cuts were imminent, is now suggesting that they may hold rates high for longer than previously anticipated,” Noelle Acheson, creator of Crypto Is Macro Now e-newsletter, mentioned in Wednesday’s version.
