Fed rate cut this month still on track after Friday’s NFP

Friday’s August jobs report data is here:

  • August non-farm payrolls +130K vs +160K expected
A response to the result via Credit Agricole, in brief:
  • still-growing labour market and “average hourly earnings was stronger than expected, good news for wage inflation”
Data doesn’t change the outlook for the Fed, CA expect a 25bp cut in Sep then again sometime in Q4
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