Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
Why the July Jobs Report Shook the Fed
The July jobs report showed the U.S. economy unexpectedly lost 23,000 jobs, the first negative print in years. Lucas and Luna dig into what this means for the Fed's next move: a potential rate cut in September, a repricing of the yield curve, and the puzzle of falling inflation alongside a cooling labor market. They unpack the numbers—unemployment at 4.1%, core PCE still elevated, and the ten-year breakeven inflation rate creeping up—and discuss why the Fed is stuck between two uncomfortable signals. With the Fed funds rate at 3.63% and markets now pricing in a cut, the hosts explore…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.