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[Canadian Imperial Bank of Commerce: Weakening U.S. Employment Data May Prompt the Fed to Cut Rates Earlier in 2026] The Canadian Imperial Bank of Commerce pointed out that non-farm payroll data reflects further weakening in the U.S. labor market, which could prompt Federal Reserve policymakers to reassess their stance and increase the likelihood of an earlier rate cut in 2026. Although Goolsbee and Schmid will step down from the FOMC next year, their successors, Harker and Logan, may be more hawkish. However, a cooling labor market will weaken the justification for maintaining rates, making it increasingly likely that the Federal Reserve will ease monetary policy earlier in 2026.