When will we see the first rate cut of 2024?
Friday was a pivotal day marked on every investor's calendar. Both the nonfarm payroll and unemployment rate exceeded expectations, indicating a relatively resilient labor market despite its perceived weakening over the past couple of months. The pressing question for investors now revolves around whether the Fed will be as inclined to reduce rates given the apparent strength of the economy, as suggested by the data. This ongoing tug-of-war is far from reaching a conclusion, and because of this expect volatility to continue.