Memo From the Chief Economist

Memo From the Chief Economist

The Fed Needs Its Head Examined If It Pulls the Rates Trigger

Despite fading inflation pressures and slowing economic growth, markets continue to price tighter monetary policy. Is a monetary policy pivot on the way?

David Rosenberg's avatar
David Rosenberg
Jul 06, 2026
∙ Paid

Key Takeaways:

  • The labor market is weaker than the unemployment rate suggests, as the employment rate has fallen to its lowest level since October 2021

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