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Board approves investment adviser’s recommendation to ‘hold steady’ until September
Summary
Seminole County’s investment adviser told commissioners the market has priced in aggressive Fed rate cuts; the board voted unanimously to implement the adviser’s recommendation to hold cash and not reinvest at current higher yields until September.
At the Aug. 27 meeting the board heard a presentation from the county’s investment adviser, Scott McIntyre, who reviewed national inflation, labour-market signals and market pricing for Federal Reserve action. McIntyre told the board the market now expects a series of rate cuts and recommended holding current positions through September rather than reinvesting at the temporarily elevated yields.
After McIntyre’s summary a commissioner moved to implement the recommendation. The motion was seconded, discussed briefly, and carried on a unanimous vote. The board’s decision was framed as a risk-management step: "My recommendation is to hold steady until September," McIntyre said in the presentation, summarizing the adviser’s view that yields had already moved in anticipation of Fed moves.
The vote formalizes the county’s short-term posture while staff prepare for changes after the next Fed meeting. Commissioners asked staff to ensure investment decisions continue to be reported in upcoming briefings and to bring any shifts in market dynamics back to the board for further direction.
