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July rate cuts are still on the table: Economist
According to the Bureau of Labor Statistics, the economy has added 272,000 nonfarm payroll jobs for the month of May, with unemployment slightly rising to 4%, beating Wall Street expectations. The numbers represent a resilient job market but may impact the Federal Reserve’s future policy decisions. New York Life Investments chief market strategist and economist Lauren Goodwin and Citi senior global economist Robert Sockin join Morning Brief to discuss the latest jobs report and its implications for the Fed and the broader market. Sockin states his team had been maintaining its July rate cut projection based on two factors: “One, a softening in the labor market, enough of a softening really, that the Fed is getting worried about recession risk and enough cooling in the inflation numbers to justify cuts and then putting more weight on the employment side of the…
