Citigroup delays US Fed cuts to September, predicts 3 cuts
Business
If you were hoping for lower interest rates soon, Citigroup says we'll need to wait a bit longer.
The bank now expects the US Federal Reserve to start cutting rates in September instead of June, thanks to surprisingly strong job growth and stubborn inflation.
They're predicting three small cuts by the end of the year: one each in September, October, and December.
Citigroup warns of summer unemployment risk
March saw more jobs added than expected, partly because a health care strike ended and warmer weather helped hiring.
Still, Citigroup thinks unemployment could tick up this summer (it's happened before), and global issues like tensions with Iran are keeping things uncertain.
The bank says they'll be watching economic data closely before making any final calls on rate cuts.