Institutions: initial claims data suggests Fed need not be hasty
New labor data eased fears of an economic meltdown, with initial jobless claims falling and staying in a months-long range, suggesting that businesses are retaining employees.Regan Capital's Skyler Weinand said in the report, “The cooling labor market doesn't mean we're headed into a recession. ” He added that the declines in stocks, Treasury yields and the dollar have been overblown since last Friday's disappointing July jobs report. Despite recent calls for an aggressive easing of monetary policy, the state of the economy still provides room for the Fed to hold the line again, which the markets have all but ruled out. He advised remaining calm.
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