JPMorgan: The Federal Reserve can safely cut interest rates in October, even without non-farm data

ChainCatcher news, according to Jinshi reports, due to the government shutdown, the U.S. Bureau of Labor Statistics is expected not to release the non-farm payroll report on Friday. However, several recent private sector indicators show that hiring was weak in September, layoffs were limited, wage growth was moderate, and labor demand has eased.

Michael Feroli, Chief U.S. Economist at JPMorgan, stated that even without the non-farm payroll report, the Federal Reserve can have a general understanding of the labor market conditions and believes that the Fed can confidently proceed with interest rate cuts later this month.