China Merchants Macro: Weak non-farm payrolls fuel expectations of a Fed rate cut
2025/09/06 09:28
PANews reported on September 6th that, according to Jinshi, following a sharp downward revision to the US non-farm payroll data in July, August's non-farm payroll figures again fell significantly short of expectations. Due to the weak JOLTS and ADP employment data released midweek, and the expectation in overseas markets that the BLS would significantly revise its benchmark non-farm payroll figures downward, expectations of a September Federal Reserve rate cut were already firmly established before the release of this data. Following the data release, the 2-year Treasury yield fell another 11 basis points, prompting overseas markets to speculate on a 50 basis point or subsequent rate cut in September. The US dollar index weakened, and cooling economic fundamentals pressured US stocks.
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