Patek Philippe: Weak demand in the US labor market, expected to cut interest rates three times by 25 basis points each within the year
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Economist Cui Xiao from Swiss Pictet Wealth Management predicts that the US labor market will experience a moderate adjustment, with the unemployment rate rising from 3.4% in April 2023 to 4.2% in August 2024. She believes that the labor market demand is weak, and expects the Federal Reserve to cut interest rates by 25 basis points in September, November, and December this year. The current monetary policy is too tight, which may lead to larger rate cuts. The market sees a high likelihood of rate cuts, and concerns about economic growth will persist
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