UBS on pushback against speculation of a March 2024 FOMC rate cut by senior Fed official

On Friday Federal Reserve Bank of New York President John Williams provided some push back against the speculation of a March rate cut from the Federal Open Market Committee (FOMC):

• It's premature to be even thinking about March cuts

As head of the NY Fed Williams is vice chair of the Federal Open Market Committee (FOMC) and has a permanent vote on the Committee. So when he comments about what the FOMC might or might not do, its worth paying attention to his remarks.

UBS argue similarly:

• Federal Reserve Chair Powell sparked an “everything” rally last week. This prompted the others on the FOMC to dampen the more extreme speculation. New York Fed President Williams ... suggested a March cut was not feasible.