Goldman Sachs is now piling on and pushing their cut fall to the July 30 meeting from June 18. With today’s jobs report, the Fed won’t get another one before the June meeting and that will make it tough to justify a cut, even if the June print is soft (it would just be one number).
From Goldman:
Nonfarm payrolls rose 177k in April, above expectations. Payroll growth was revised down by 43k in March and 15k in February. The three-month average of payroll growth now stands at 155k. The unemployment rate was unchanged on a rounded basis at 4.2%. Our estimate of the underlying pace of job growth based on the payroll and household surveys now stands at 149k. We are pushing back the first fed funds rate cut in our forecast to the July FOMC meeting (vs
Goldman Sachs pushes Fed rate cut call to July from June
