2024-02-02 07:27:00 ET
Summary
- The US data continues to refuse to convincingly break one way or another. This will leave members of the Federal Reserve unconvinced there is enough evidence to justify cutting interest rates as soon as March.
- The US manufacturing ISM index was stronger than expected in January, but is unlikely to lead to a Fed rate cut in March.
- On the dovish side, we see that fourth quarter productivity was stronger than expected at 3.2% and consequently unit labour cost growth was more benign, growing just 0.5%.
By James Knightley ...
Read the full article on Seeking Alpha
For further details see:
Mixed Messaging On U.S. Data Still Argues For A Fed Delay Until May