Featured Market Data
Labor Market and the Fed
Fed member forecasts released following the September Fed meeting revealed a Fed split on the pace and volume of additional rate cuts. Some members believed fewer cuts were required given signs of stabilizing employment and persistent inflation. More dovish members continued to focus on the potential for further weakening in labor markets. Delayed labor and inflation data also increased uncertainty and helped create large swings in market expectations for a rate cut on December 10th. September’s employment data was mixed with larger than expected jobs growth, a revision to negative growth in August, and a slight rise in the unemployment rate to 4.4%. Markets are now pricing in a strong likelihood of a December rate cut, but a divided Fed is expected to remain a theme in 2026.
Source: Bloomberg, Wall Street Journal; As of 11/28/25.
