Agency: If the non-farm performance is weak tonight, the Federal Reserve is likely to cut interest rates by 50 basis points in September
2024-08-02 06:37:01
Wealth alliance president director general manager eric diton saiddesk3cryptocurrencydesktopCrypto News
Eric Diton, president and managing director of Wealth Alliance, said, "I thought the Fed was due to cut rates by 25 basis points this week, but clearly it missed it. Then we saw initial jobless claims rise and the ISM Manufacturing PMI underperformed for the fourth straight month. Powell said he relies on data and how Friday's non-farm payrolls data performs will be key. If we see a very weak number, he will most likely cut rates by 50 basis points in September. Another issue is federal debt, we have $35 trillion in debt. The interest we pay on that debt is now about 17% of our federal spending. So, interest is now sucking the money we can use to make decisions. " (Jin Ten)
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