Mon Sep 23 22:54:26 UTC 2024: ## Fed Gets High Marks from Wall Street Veteran: “Nearly Perfect” Economic Conditions
**New York, NY** – Evercore founder Roger Altman has thrown his support behind the Federal Reserve’s handling of the US economy, calling current conditions “nearly perfect” in a Monday morning interview on CNBC.
Altman, who previously warned that rising interest rates could trigger a recession, now praises the Fed for delivering strong equity markets, healthy profits, and low unemployment. The only remaining hurdle is inflation, which continues to hover above the Fed’s 2% target rate.
“If the landing is finished, and the Fed hits its target, Powell, I think, will deserve an ‘A’,” Altman said, referring to Fed Chair Jerome Powell. “It will be a pretty miraculous achievement.”
The bank founder expects the “soft landing” to be completed soon, with inflation slowing down as evidenced by upcoming consumption-expenditures data. He also defended the Fed’s recent jumbo rate cut, stating that the central bank prioritized strengthening labor markets over combating inflation.
Altman’s positive assessment reflects a growing chorus of economists who have revised their opinions on the Fed’s performance. Former Treasury Secretary Larry Summers recently acknowledged that the Fed successfully avoided a recession, despite initial concerns about their handling of inflation during the pandemic.
While some remain cautious about the potential for inflation to reignite, Altman’s optimistic outlook signals a growing sense of confidence in the Fed’s ability to steer the US economy through a period of economic uncertainty.
First Piper 