Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
Why the July Jobs Report Is the Fed's Toughest Puzzle Yet
The July jobs report showed a surprise loss of 23,000 jobs — the first outright decline in years. Lucas and Luna dig into what this actually means for the Federal Reserve's rate path. They unpack the divergence between the payroll number and the unemployment rate, which fell to 4.1 percent, and why the Fed is likely to look through the headline. With core PCE still running above target and the ten-year Treasury yield easing, the hosts explain why markets are pricing in a cut by September, and what the Fed's own language might signal. They also touch on the ADP private payroll miss…
The skinny
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