Weekly Market Update: July 5, 2024

07/08/24

Market Adjusts Expectations for Fed Policy as Economic Data Softens

The case for rate cuts was strengthened following a series of soft economic data releases this week. The week’s economic reports included contractionary signals from key manufacturing and services indicators, jobless claims that exceeded expectations, and another increase in the unemployment rate. The unemployment rate now sits at 4.1% and has increased for three consecutive months. The disappointing economic data drove a repricing of market-implied rate cut odds. Futures pricing implies a 75% chance that the Fed cuts rates following the September FOMC meeting.

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.