Fed projected to cut interest rates by 125 bps over rest of 2024 - Citi
Investing.com -- The Federal Reserve could react to the latest nonfarm payrolls figures by rolling out 125 basis points in cut at its three remaining monetary policy gatherings this year, according to analysts at Citi.
The comments come as investors are now all but certain that the Fed will bring borrowing costs down from a 23-year high of 5.25% to 5.5% following a weaker-than-anticipated jobs report on Friday. The data showed that the US economy added 142,000 last month, up from a heavily downwardly-revised mark of 89,000 in July. Economists had called for a reading of 164,000, an uptick from the initial July mark of 114,000.
"Job growth has slowed to rates usually seen only around recessions and suggests the unemployment rate will continue to rise – and likely will accelerate higher," the Citi analysts argued.
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