Fed Is Fighting a Battle It Has Already Won: JPM's Kelly

The transcript discusses the potential decline in non-farm payrolls and the eventual cracking of the labor market, influenced by GDP momentum. It highlights disinflation trends in the US economy, with CPI expected to remain stable before decreasing in 2024. The Federal Reserve's continued tightening is seen as unnecessary, with potential negative impacts from rate cuts. The discussion emphasizes the need for aggressive rate cuts to address recession fears.

What are the indicators suggesting about the labor market's future according to the text?

What is the expected trend for the Consumer Price Index (CPI) through December and into 2024?

How does the speaker perceive the Federal Reserve's current actions regarding inflation?

What challenges does the speaker identify regarding the Federal Reserve's potential rate cuts?

What does the speaker suggest about the relationship between high rates and monetary policy effectiveness?