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Market
What will be the Federal Reserve's rate decision on September 18, 2024?
4
Resolution / Starting Odds
No Change • 25%
25 basis points cut • 25%
50 basis points cut • 25%
More than 50 basis points cut • 25%
Official FOMC meeting minutes and announcements
Story
U.S. Job Openings Decline to 7.673 Million in July, Raising 50bps Rate Cut Expectations
Sep 4, 2024, 02:09 PM
The U.S. JOLTS Job Openings report for July showed a significant decline, with actual job openings at 7.673 million, falling short of the expected 8.1 million and the revised June figure of 7.91 million. This marks a notable decrease from the previous month's 8.184 million. The data indicates a weakening labor market, which has led to increased expectations of a more substantial rate cut by the Federal Reserve. Market reactions included a downtick, and short-term interest-rate futures jumped as a 50 basis points rate cut in September is now seen as more likely than a 25 basis points cut. Layoffs also rose to 1.76 million, further contributing to concerns about the labor market and economic outlook. The odds of a 50-basis-point rate cut at the September 18 FOMC meeting have increased, with US 10-year and 2-year yields challenging the 3.75% level.
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