Richard Koo 17 July 2024 Economy continues along path of 2023, but political situation enters new phase With the June US jobs report confirming that labor market conditions are not as overheated as previously thought and the CPI print suggesting that inflation is cooling, the dollar and the 10-year UST yield declined, and US and Japanese stock prices hit new all-time highs. Nevertheless, I suspect the Fed has taken a more cautious stance on rate cuts to avoid being criticized for easing prematurely—after al ...