The Sena Qua Non Is the Labor Market

Jim Labenthal: I think Powell is trying to send the message about pricing out rate cuts at least into 2024. The CME tool shows a pretty high likelihood of a move, but you've also got data between now and then both on the labor market front and the inflation front," he says. "I don't look at claims in level terms or even things like payrolls and level terms and say no chance of recession"