Steve Blitz, chief U.S. economist at T.S. Lombard, thinks the Fed will probably view the data as a “glass half-full” for now and maintain its patient pause on interest-rate increases and proceed with its adjustment of its pace of balance sheet reduction. “Our probability bias is that the weakness in the economy is evident enough by summer that they cut policy rates by 25 [basis points],” he writes in a research report. A basis point is 1/100th of a percentage point.
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