Could the Next Fed Move Be a CUT?

Will today's payroll report match the somber labor market tone highlighted in the Fed's Beige Book?

Key Takeaways

• Inflation Scare Looks Overdone: The bond bears won’t like it, mind you, but PIMCO is long the Treasury market out to the 10-year part of the curve. The bond fund giant has extended duration. Inflation concerns are way overdone, seeing as there is no wage pressure from the labor market and the plain fact of the matter is that the economy has been growing and will continue to grow below its potential.