Labor Market As Key To Future Inflation Readings

"I expect Jerome Powell to be more cautious than what is priced into the markets right now. The key to future inflation readings will be the labor market, even if the market thinks that the Federal Reserve is done. What is priced in is the Fed cutting rates for the second half of next year, which is wildly optimistic," says Bob Elliottt. "We are not launching a bull market after the latest CPI data as the stock market is coming off very low levels. The Fed has some clear and convincing aspects that inflation is coming down, but not all," says Mark Hamrick.