Data spurs traders to increase bets on Fed rate cuts this year
The US labour market cooled more than expected in July, adding 114,000 jobs as the unemployment rate rose, prompting traders to increase bets on the Federal Reserve cutting interest rates this year. Friday’s figure from the Bureau of Labor Statistics was well below economists’ expectations for 175,000 new positions, and the downwardly revised 179,000 jobs added the previous month. It was also far lower than the average monthly gain of 215,000 over the previous 12 months.
25 and 5.5 per cent, but Powell said the bank could start cutting rates at its next meeting in September. That gathering will be the last before November’s presidential election, in which vice-president and presumptive Democratic nominee Kamala Harris will aim to tout the Biden administration’s economic record.
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