Steve Englander: Standard Chartered Signals No Major Rate Cut Amid Economic Concerns

On September 17, COINOTAG reported that Steve Englander, who is the head of global G10 foreign exchange research and North American macro strategy at Standard Chartered Bank’s New York Branch, commented on current US economic data. He asserted that there is no substantial evidence supporting a 50 basis point rate cut at the forthcoming FOMC meeting. Englander mentioned that a 50 basis point cut, if incorrectly implemented, could be more detrimental than a 25 basis point misstep. His rationale for favoring a 25 basis point cut hinges on the forthcoming inflation data, which do not indicate a rapid approach towards the 2% inflation target. Concurrently, a recent spike in unemployment figures points to an alarming economic downturn.