The Fed's "rate cut range-bound" battle is still not over, and the September US Non-farm Payrolls (NFP) data exceeded expectations.

2025-11-20 14:52:06

According to Mars Finance, as reported by Jin10, Wasif Latif, President and Chief Investment Officer of Sarmaya Partners, stated that the US Non-farm Payrolls (NFP) data for September far exceeded expectations, and the market is adjusting and reassessing the Fed's “range-bound” stance on interest rate cuts. Currently, the “no rate cut” camp holds the upper hand, but the game is not over yet. As data continues to be released, this range-bound battle will persist. Although the September data performed reasonably well, the key lies in the October data; if it shows a weaker job market, it will drive the market towards expectations of rate cuts.

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