In a Bloomberg interview, Richmond Fed President Thomas Barkin rejected the idea that a July rate cut is a done deal. He emphasized “we have a lot of time left before the meeting, we’ll see what happens.”

For now, he said the economy was not heading to a recession. He added “I actually still feel pretty good about the economy… I don’t see any issues on the consumer side of the house”.

Though, risks to outlook is “a little more tilted to the downside” for fragile business confidence. Indicators for second-quarter growth are less strong.

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