Forex
Fed Faces Toughest Rate Decision Yet as Jobs Data Surprises to the Upside
The US Federal Reserve may face a tougher decision on interest rates in September after a stronger-than-expected August jobs report. The report showed that non-farm payrolls rose by 162,000 in August, well above expectations of 55,000.
The gains were led by leisure and hospitality and local government education, with revisions to the previous two months adding another 55,000 to the total. This brings the three-month average to 71,000.
Despite these positive numbers, ICICI Bank Research notes that signs of underlying weakness could still keep the door open for rate cuts later.