During a recent speech, Federal Reserve leaders discussed their thoughts on potential future policy decisions by the central bank. Meanwhile, Dryden Pence, the chief investment officer at Pence Capital Management, shared his insights on the market and how it may impact the Federal Reserve’s actions. Pence suggested the possibility of one interest rate cut towards the end of the year and provided context for the Fed’s stance on maintaining higher rates for a longer period.
Pence pointed out that the American economy has shown robust growth, with the addition of 6.1 million new workers since the pre-pandemic peak. This growth is equivalent to adding the entire labor force of a state like Illinois or the GDP of France, which is the seventh-largest country in the world. These statistics highlight the significant expansion the US economy has experienced in recent years.
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