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HSBC's latest research report points out that the Federal Reserve is expected to cut interest rates by another 25 basis points at its September meeting, the last time this year.
Markets are keeping a close eye on Fed Chairman Powell's speech at this year's Jackson Hall Global Central Bank presidential meeting on Friday, in particular his comments on the easing cycle.
The HSBC report points out that looking forward to Powell's forthcoming speech, he reiterates his comments on the Federal Open Market Committee (FOMC) decision to cut interest rates in July. The most important thing is whether he will repeat his previous assessment that FOMC is making a "medium-term policy adjustment" rather than launching a "long-term easing cycle".
"The July minutes show that FOMC may adopt forward-looking guidelines to boost the economy in the future, but we doubt that Powell will explicitly advocate the adoption of forward-looking guidelines in September in his speech." Ryan Wang, an American economist at HSBC, said, "However, he is likely to mention the use of forward-looking guidelines and balance sheet policies as monetary policy constraints when interest rates approach the effective bottom line."

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