Nonfarm Payrolls "Confirms" Slowing Labor Market, Solidifies September Rate Cut

Charles Schwab's Cooper Howard says Friday's nonfarm payrolls report confirms a lot of speculation surrounding a slower labor market. He adds that June's report being revised down only adds to the weakness narrative. Cooper expects the FOMC to cut 25bps on interest rates in September but says he'll be "surprised" to see 50bps based on where inflation currently stands. However, he makes the case for more cuts before the end of the year.

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