ECONOMY: TIME TO CUT
Benjamin L. Varner, Chief Economist

Despite signs of inflation easing and a cooling job market, the Fed decided to maintain short-term interest rates at their current levels in late July. However, in recent speeches and interviews, Fed personnel have expressed a growing openness to cutting interest rates, and the market is anticipating such a policy shift as early as September.

AUGUST SEES SLIGHT BUMP IN REVENUES IN A RELATIVELY LACKLUSTER RECEIPTING MONTH
Eric Noggle, Revenue Manager

In a somewhat lackluster month for receipts, revenues deposited into the State’s General Funds rose slightly to $3.485 billion in August. This amount is $50 million or 1.5% above last August’s total of $3.435 billion.
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With the first two months of FY 2025 complete, General Funds receipts are now up $437 million through August, an increase of 6.4%. This growth is mainly due to the $387 million in year-over-year growth that occurred in July.