September US Non-farm Payrolls (NFP) data is mixed, and there are still divergences regarding the Fed's rate cut outlook in December.

GateUser-6433627c · 2025-11-21T03:17:36+00:00

The September US Non-farm Payrolls (NFP) data is mixed, leading to divergent expectations in the market regarding the Fed's interest rate cuts in December. Different interpretations of the unemployment rate and economic data by analytical institutions have created uncertainty about the prospect of rate cuts, resulting in a more balanced market pricing.

GateUser-6433627c

2025-11-21 03:17:36

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[Mixed signals from September Non-farm Payrolls, divergence remains on Fed's rate cut outlook in December] September Non-farm Payrolls data sends mixed signals, leading to diverging expectations in the market regarding the Fed's rate cut in December. Financial brokerage XTB believes that the continuously rising unemployment rate may trigger a rate cut decision. Goldman Sachs Asset Management points out that despite recent hawkish voices, weak hard data and inflation close to target will drive policy developments. Sparta Securities expects the Fed may opt for a 25 basis point rate cut in December, while CITIC Securities believes changes in the unemployment rate will influence the rate cut decision. TD Securities states that the September Non-farm Employment Report simultaneously confirms the views of both hawkish and dovish factions, with the market's pricing for a December rate cut readjusted to a “fifty-fifty” scenario. (Jin10)

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