Pharmaceutical Executive September 17, 2024
With a likely rate cut by the Federal Reserve this week, investors could rotate aggressively back to the sector.
In my column in the last issue of Pharm Exec, I wrote about the fact that the US economy added substantially fewer jobs in July than expected, making a September interest rate cut more likely. Specifically, on Aug. 2, 2024, the Bureau of Labor Statistics reported that the US economy added 114,000 jobs in July 2024, a sharp decline from June and well below expectations for about 175,000 jobs. The Fed’s rate hikes, aimed at taming the economy and inflation, have crippled biotech valuations and choked off supplies of new capital into the sector. If the desired objective of cooling off...
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