Why this month’s jobs data could matter more to the Fed than to traders.
Transcript:
CAROLINE WOODS: OK, and just finally, we have the August jobs report out this Friday. What are you expecting from there and how crucial is that report, especially when it comes to your bullishness?
MICHELE SCHNEIDER: Well, again, it’s going to be more interesting about the revisions because obviously that’s what we saw last month. And I’m always a little bit — I look at these numbers more as lagging than leading indicators. But what will make this one interesting, of course, is because Powell was so clear about being more worried about the labor market than he is about inflation. And so if we see a drop in labor, then I think that September rate cut will come even in the face of the rising bond yields. The question is how much and will it be enough at this point. But I think that the jobs report will be more important to the Federal Reserve than it will be to people trading the market.
Watch Michele’s full interview:
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