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A Strong Jobs Report Makes Big Rate Cuts Unlikely in 2024

    On a positive note, the labor market continues to attract more workers and create more jobs, keeping unemployment near historic lows, while inflation appears to abate. The bad news is that interest rates are unlikely to decline anywhere near as much as the markets are betting. The big surprise was the drop in the unemployment rate, to 3.7% from 3.9%, and for the right reasons.

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