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From the market point of view, the prospects for both are not very good. The market environment has become more severe, and the data also show a slowdown in inflation.
Federal Reserve policymakers, economists and other officials will gather at the annual meeting of the Central Bank for Monetary Policy in Jackson Hall, Wyoming, this week to discuss in secluded pastoral settings whether central bankers can prevent the next recession.
The impact of interest rate cuts on stimulating growth may take months to emerge. Nevertheless, the verbal commitment of policy executives to sustain the longest expansion record of the U.S. economy, supported by recent interest rate cuts, should have made borrowing costs for businesses and consumers slightly lower this year.
According to the American Mortgage Banking Association (MBA), the 30-year mortgage rate has now averaged only 3.90% after hitting a 5% peak at the end of last year. After the Fed cut its target overnight lending rate on July 31, the so-called preferential rate has also been generally lowered by Bank of America.
But it remains uncertain whether the Fed's interest rate cut alone will calm market fears of recession and convince enough investors that the Fed will be able to achieve seemingly unreachable inflation targets. Recent warming of trade war between China and the United States has led to rising fears of economic recession.
"At least most market participants have an unspoken understanding that no matter what interest rate cuts the Fed makes -- including the decision to launch quantitative easing -- they are not enough to offset tariff shocks," said Kristina Hooper, chief global market strategist at Invesco. Quantitative easing (QE) refers to the Federal Reserve's practice of supporting the economy by purchasing debt after the 2008 global financial crisis.
In a commentary for the Financial Times, Minneapolis Federal Reserve Bank President Kashkari called for more action, arguing that the Federal Reserve should not only cut interest rates, but also promise not to raise them until the economy reaches its 2% inflation target and lasts for some time.


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