ICIS Global economist: U.S. job market weakening overshadows inflation, and the Fed is expected to cut interest rates next week

BlockBeats News, on September 12, Kevin Swift, senior economist at ICIS Global Chemicals, said that the latest CPI report in the United States will make the Fed's interest rate decision "more challenging." Still, the Fed could cut interest rates at its September meeting due to weak job markets, Swift said. Swift said that despite wages rose 3.9% year-on-year in August, growth is slowing, which will weaken real income growth and support for consumer spending. Meanwhile, the number of initial unemployment benefits has increased to its highest level since October 2021. "This may be the beginning of a trend of increasing layoffs and weak labor markets. In another week or two, the situation will be clearer." (Kim Ten)