Odds Now At 99% (VERY LIKELY) The U.S. Prime Rate Will Be Cut By At Least 25 Basis Points (0.25 Percentage Point) at the November 7, 2024 FOMC Monetary Policy Meeting

Prime Rate Prediction

Prime Rate Forecast

As of right now, our odds are at 99% (very likely) the Federal Open Market Committee (FOMC) of the Federal Reserve will vote to lower the cardinal target range for the fed funds rate (TRFFR) by at least 0.25 percentage point (25 basis points [bps]) at the November 7^TH, 2024 monetary policy meeting.

A 25 bps cut would cause Prime to decrease, from the current 8.00%, to  7.75%. 

A 50 bps cut would lower the TRFFR to a range of 4.25% - 4.50%, and would result in a Prime Rate of 7.50%, a level not seen since December of 2022.

 =======

• Year-on-year (Y-O-Y), the Core PCE Price Index rose from +2.6% during July, to +2.7% during August, 2024.

Y-O-Y, the Core CPI for August, 2024 came in at +3.197%.

Stay tuned...

=======

The United States Prime Rate was lowered to the current 8.00% on September 18, 2024.

=======

SUMMARY

• Current odds the U.S. Prime Rate will be cut to 7.75% or lower at the November 7^TH, 2024 FOMC monetary policy meeting: 99% (very likely.)
  

=========