We have seen a lack of conviction from the Federal Reserve (Fed) in previous opportunities (see our Weekly from March 22, 2024). Last year, during the first quarter, Fed members were spooked, as inflation numbers moved higher, changing their view on the path forward regarding interest rates. This time around, it was just the opposite. Inflation figures during the first two quarters of the year were much better than expected, with the disinflationary process continuing. However, Fed officials kept their expected path for interest rates during this year unchanged from what it was in March. But what concerned us the ... (full story)