At the end of April, the US faced a cooling in the labor market and lower-than-forecast GDP growth. Nonfarm payrolls increased by 175,000 in April, lower than the 240,000 forecast. The unemployment rate increased by a negligible 0.1%.
The United States is also nearing the end of reducing the central bank’s balance sheet. This operation has already reduced the Fed’s total assets by $1.5 trillion.
At the Fed meeting in March 2024, the pace of quantitative tightening was discussed to be cut almost in half, and the entire process could be completed by the end of 2024.
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