Natixis - Under Pressure: Fed to remain in crosshairs after weak NFP

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Natixis

Christopher HODGE

Under Pressure: Fed to remain in crosshairs after weak NFP

It is hard to put a positive spin on the employment report for Ju ly – the headline number missed to the downside and the revisions from the prior months were massive. Jobs continue to be concentrated in one sector (p rivate education and health services ) and six out of 14 sectors saw contractions. However, there are factors that can help contextualize the jobs data that help to put a less negative spin on things. We maintain our call for the cutting cycle to re-start in October but acknowledge that lower passthrough inflation or additional labor weakness in August tilt the risks to a September cut.

01/08/2025 1 EN

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Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

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Analysts

Christopher HODGE

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Under Pressure: Fed to remain in crosshairs after weak NFP

Mexico – What is next?

US Tariff Flooding will Reshuffle Supply Chains

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