With a continued slowdown in the national economy and the San Joaquin Valley that began in early 2022, the Federal Reserve has announced three rate cuts for 2024.
Experts caution that without intervention, the labor market’s downturn — evident from unprecedented declines in employment during the normally robust months of July and August — could reach a critical crossroads. Rate cuts in 2024 will likely avert a more serious contraction that would last into 2025.
