Friday's non-farm payrolls seem "tailor-made" for the Federal Reserve
Friday's non-farm data boosted the Federal Reserve's confidence, despite Trump's pressure to cut interest rates. JP Morgan's Mike Feroli stated that the May employment report was almost tailor-made for the Federal Reserve, supporting its wait-and-see attitude on employment and inflation developments, making the June FOMC meeting "irrelevant."
Despite Trump continuing to pressure the Federal Reserve to cut interest rates by "one percentage point" on Friday, the non-farm data clearly gives the Fed stronger confidence to "wait and see."
Renowned central bank reporter Nick Timiraos, known as the "new Federal Reserve correspondent," stated on X:
JP Morgan's Mike Feroli: The May employment report is almost tailor-made for the Fed, reinforcing their inclination to wait for employment and inflation developments to determine the next policy direction.
It makes the June FOMC meeting "irrelevant."
