Macrocast by FTP & Markets Policy Partners
A pod at the intersection of financial markets and government policy
Macrocast by FTP & Markets Policy Partners
July Jobs Report Rattles Markets
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This week, the Macrocast team unpacks a July jobs report that missed expectations by a wide margin, with payrolls declining even as the unemployment rate ticked lower, a divergence Brendan partially attributes to workers exiting the labor force. The discussion turns to the hardest-hit sectors, a surprising bright spot in manufacturing, and what stagnant wage growth signals about the broader economy.
John and Brendan explore how the data shifted rate expectations for Fed Chair Kevin Warsh and pulled Treasury yields down, alongside Treasury Secretary Scott Bessent's critique of the Fed's communication strategy and the joint U.S.-Japan intervention to support the yen. Ed rounds out the episode with the latest from Washington on government funding, crypto legislation, and a Senate bill on college athletics facing pushback from major conferences.
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