U.S. Treasury Addresses Employment Forecast Amid Market Concerns

The U.S. labor market is facing significant uncertainty as new forecasts suggest a potential job loss of 800,000 positions in 2024. This has triggered speculation about a potential interest rate cut by the Federal Reserve, with markets anticipating such action. The Treasury Secretary dismissed the idea that single data points should impact policy decisions, while also acknowledging potential economic adjustments. However, Chair Jerome Powell hinted at the possibility of a rate cut as job growth concerns were flagged, signaling a cautious approach from the central bank.