News

PNC Commentary for you as Fed keeps rates steady

Wednesday’s FOMC announcement featured the first dual dissent since 1993.  Although Fed Governor Waller’s dissent was well telegraphed, there was some uncertainty as to whether or not Michelle Bowman would dissent as well.  Based on Fed Chair Powell’s post meeting press conference, there was a robust debate during this meeting on what the neutral rate is at this point in the economic cycle.  The dovish camp is concerned about a labor market that, while still healthy, has slowed in the last 6 months.  The