Musalem from the Fed: full effects of rate cuts may emerge by year-end 🔴👀

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Today, capital in the stock market is rotating out of tech stocks and into other sectors. The US100 is down 0.32%, while the US500 is up 0.16%, and the small-cap index US2000 is gaining over 0.50%.

Hawkish comments from Musalem

Federal Reserve official Musalem noted that although recent inflation trends are moderately positive, forecasts suggest inflation could rise due to new tariffs. He emphasized that price pressures remain a risk and that the full impact of tariffs may not be visible until the end of this year or early next year. Despite these risks, the broader economy remains strong— the labor market is tight, even though hiring has slowed and labor supply may shrink due to immigration trends. Musalem highlighted the importance of anchoring long-term inflation expectations and stated there is no urgent need to cut rates, noting that current monetary policy does not appear overly restrictive.

Trump renews pressure on Powell

In contrast to Fed officials, President Donald Trump has once again urged the Fed to cut interest rates quickly. Trump pointed to record highs in tech indices and cryptocurrencies, specifically citing Nvidia's 47% rally since the announcement of tariffs as evidence of strong market momentum.

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