The recent ADP jobs report revealed only 37,000 jobs added, significantly under the expected 110,000, prompting speculation about the upcoming BLS jobs report. This weak performance indicates potential future trends in employment data which could influence mortgage rates. President Trump and FHFA Director Bill Pulte openly criticized Fed Chair Jerome Powell for not reducing interest rates further. Historically, the Fed has prioritized labor market performance over inflation, raising concerns about maintaining high rates amid weakening employment data, potentially prompting a shift in policy moving forward.
The ADP's latest jobs report showed a significant miss, coming in at 37,000 jobs added, far below the anticipated 110,000, impacting bond yields.
President Trump and FHFA Director Bill Pulte express urgency for Fed Chair Powell to lower interest rates, citing labor market concerns and delayed cuts.
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