Bloomberg Surveillance Markets Price in the Fed's Rate Cut
Sep 19, 2025
Yelena Shulyatyeva, a Senior Economist at The Conference Board, shares insights on the Federal Reserve's recent rate cut and its implications for the U.S. economy. She discusses how this move could influence labor market dynamics and consumer spending. Hessam Nadji, CEO of Marcus & Millichap, delves into the shifting landscape of commercial real estate, highlighting trends in pricing and office vacancies as financing conditions evolve. Together, they explore how these economic changes present both challenges and opportunities.
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Fed Cut Was Risk Management
- Yelena Shulyatyeva views the Fed's cut as a risk-management response to shifting labor and inflation risks.
- She says risks to the labor market rose while perceived inflation risks declined, prompting the move.
Watch Holidays Before Betting On More Cuts
- Expect additional Fed cuts this year and into early 2026, with a stop near 3%.
- Watch holiday-season consumer resilience and tariff effects before assuming further easing.
Labor Market Still Healthy But Watched
- The labor market is weaker but still healthy, making payrolls reports pivotal.
- Yelena stresses the Fed will scrutinize unemployment rises and underlying details, not just headline payrolls.