US Jobs - 2025-07-30
Date:
Thursday, July 31, 2025
Summary:
A very weak jobs report, with very large downward revisions to the prior two months. Expectations for two rate cuts by year-end come fully back into the market. Is this what dissenting Fed Governors Waller and Bowman meant in their statements this morning when they worried about "stall speed"? Markets have now gotten back in line with our post-FOMC view: still two rate cuts this year, no matter how angry Powell is with Trump.