Fed to cut by 25bp next week – don’t have have enough conviction to hold rates unchanged

Snippet from Bank of America on what to watch in the NFP and FOMC.

• forecast a 25bp rate cut from the Federal Open Market Committee (FOMC) next week
• says October jobs report will be noisy, BoA expects nonfarm payrolls to rise by 100,000, which would be a ‘solid print’
• “Even if there is an upside surprise, we do not think the Fed will have enough conviction keep rates unchanged, especially with the policy rate still close to 5%”

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Federal Open Market Committee (FOMC) statement due on November 7.

This article was written by Eamonn Sheridan at www.forexlive.com.