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Bank of America forecasts a 100k increase in October nonfarm payrolls, affected by Hurricane Milton and the Boeing strike, with average hourly earnings growth rising to 0.5% m/m. Despite potential data distortions, BofA expects the Fed to proceed with a 25bps cut at next week’s FOMC meeting.
Key Points:
Conclusion:
BofA anticipates a “noisy” October jobs report, with payroll gains tempered by temporary factors. However, the Fed appears set for a 25bps cut next week, aligning with market expectations and recent Fed guidance, regardless of minor fluctuations in labor data.
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This article was written by Adam Button at www.forexlive.com.
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