S&P 500, Nasdaq boosted by chip rally, Fed rate cut signals
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August 2, 2024 10:56 AM EDT
Goldman on Rate Cuts: 'we now expect an initial string of consecutive 25bp rate cuts in September, November, and December'
The analyst comments "Nonfarm payrolls rose 114k in July, below consensus expectations. The industry composition was also soft, as the healthcare sector accounted for over half of the job gains in July and the payrolls diffusion index fell to its lowest level since May 2016. The household survey was also soft, with the... More
August 2, 2024 10:18 AM EDT
BofA Sees 25bps Cut to FFR in September
The analyst comments "A start in September appears locked in now. We think a softer-than-expected July employment report on the heels of other soft data like the ISM manufacturing report helps to lock-in a rate cut in September. Hence, we adjust our outlook for monetary policy in favor of more cuts. We now look for the Fed to cut its policy rate by 25bp at the... More
