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Huntington Private Bank chief economist Olu Omodunbi joins hosts Julie Hyman and Jared Blikre on Market Domination to discuss his Federal Reserve outlook and inflation perspectives as markets approach 2025. Omodunbi considers a Federal Reserve rate hike "unlikely," though he suggests a pause is possible. He explains that the Fed "reacts based on" economic and income data, and with inflation trending "pretty much sideways" recently, "we're likely to see more pauses." His current forecast projects two to three 25-basis point cuts in 2025. Addressing the labor market, Omodunbi acknowledges its weakening in 2024 but notes that the previous growth environment was "unsustainable." He cites the current rising unemployment rates, declining quit rates, and slowing wage growth, while emphasizing that "it's still a good labor market, it's still supporting the US economy." Regarding tariffs' potential impact, Omodunbi points out that inflation remained stable during Trump's first term despite tariff implementation. However, he cautions that "it depends on a lot of things," noting that "if extreme tariffs are implemented ... there will likely be an inflationary shock" and "that could make the Fed's job more difficult in 2025." #youtube #stocks #federalreserve
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2024/12/31
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