Fed signals cautious approach to lowering the rate in order not to lose its credibility
The surprisingly weak US jobs report for May, suggests an answer to at least one of the three Fed’s questions: whether it should cut the federal funds rate, when and by how many points. US non-farm payrolls grew by just 75,000, and the average wages growth slowed down from 3.2% to 3.1%, going lower from its many-year high of 3.4% Y-o-Y, recorded in February. The three-month average job growth in Spring was down from 198,000 to 151,000. It signals that the US economy is cooling…
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