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“We’re all at the mercy of each incoming data point,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.
The September report offers a boost for Biden, who needs the economy to remain healthy as he enters an election year. But the surging labor market is clashing with the Fed’s main goal of winning the battle against high inflation. Wall Street is bracing for rates to stay elevated because that would not only make it more expensive for companies to borrow but also to repay their debt.
The turmoil is likely to continue until job growth slows or there is sharper pain in the financial sector, either of which could move up the expected start of rate cuts. The timing is risky for Biden, as the strain of higher rates will only grow heading into 2024, bringing the threat of job losses along wi …
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