Fed to the markets: have a little patience!

The Fed Chair has confirmed that monetary policy will be loosened in 2024, specifying nonetheless that this action was not imminent in his view. A few weeks ago, the markets saw a first rate cut in March as a virtual certainty; now it is more likely to be in May. And we may have to wait until June. Given the current strength of the US economy, a delay of two or three months does not seem to pose a major risk to activity. The Fed being cautious is a reminder that the expected easi...