Previous view of three rate cuts beginning in June now seems antiquated Federal Reserve interest-rate policy expectations have become like a boat without an anchor drifting down a river, moving randomly between the possibility of three rate cuts this year and a chance of no cuts at all. The Fed's story, as told by Chair Jerome Powell, has been that the labor market is softening and the level of interest rates is putting enough downward pressure on demand, which, if it continues, should keep inflation moving lower, allowing the Fed to cut interest rates sometime this year. But the hot March unemployment report ... (full story)