Citi analysts said in a report that while recent labor market data may have caused some market participants to reconsider their expectations for a rate cut, it is unlikely that the Fed will skip a rate cut during its November meeting.
While non-farm payrolls jumped by 254,000 on Friday, higher than the 140,000 economists had expected, analysts noted that we doubt Friday's strong jobs report will last. Citi noted that a string of weak labor market data had led to expectations that the Federal Reserve would cut interest rates by at least 25 basis points at each meeting, and possibly a larger 50 basis point cut.
Citi: Fed skips rate cut in November unlikely, at least 25 basis points per meeting
2024-10-09 12:13:27
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