News & Insights

Markets spent the week processing a combination of last week’s message from the Fed and this week’s economic data which favored a dovish Fed tone going forward. The delayed nonfarm payroll report for October showed the highest number of job losses since 2020 at 105,000. However, the trend reversed course for November with the economy adding 64,000 jobs.

This week’s FOMC meeting went as expected with the committee cutting rates for the third time this year, putting the Fed Funds Rate into a 3.50-3.75% target range; a level last seen in 2022 prior to the fastest rate hiking cycle in Fed history.