Top Wall Street Economist Thinks Fed Will Not Cut Rates in 2024

The Federal Reserve will not cut interest rates as the U.S. economy remains solid and underlying inflationary pressures persist, says a top Wall Street economist. Torsten Sløk, the chief economist at Apollo, might have raised some eyebrows on the New York Stock Exchange to close out the trading week and kick off March by abandoning the idea that the central bank will pivot on monetary policy this year. Writing in a March 1 note, Mr. Sløk warned that interest rates will stay higher for longer. “The reality is that the US economy is simply not slowing down, and the Fed pivot has provided a strong tailwind to growth since December,” he wrote. “As a result, the Fed will not cut rates this year, and rates are going to stay higher for longer.”...