'Fed is done with tightening cycle and next move will be a cut,' economist says

On Wednesday, the Federal Reserve announced that it will keep interest rates exactly where they are. The central bank "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2%," causing many notions of interest rate cuts starting in March to dwindle.
Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus and T. Rowe Price Chief US Economist Blerina Uruçi join Yahoo Finance to discuss the Fed's January policy decision and its broader implications for markets moving forward.
"The market never trusts the Fed," Stoltzfus affirms. "The Fed thus far has not pushed the economy into a recession even as it has raised rates for almost two years. It was only aggressive when it raised four times 75 bips [basis points] at a time. And then it's been on long pauses with the exception of 150 and 125 bips hike somewhere along the way in there. The point is, this Fed wants to have its cake and eat it, too."
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