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Joseph Lavorgna, chief economist at SMBC Nikko Securities, wrote that recent inflation and labor cost data cast doubt on the wisdom of the Federal Reserve's rate cut today. He pointed to data released today showing that unit labor costs rose 3.4% in the last four quarters to September, while core services inflation rose 4.4% year-over-year in the third quarter, well above the Fed's headline inflation target of 2%. "This makes us wonder...

2024-11-08 02:33:38