Stocks Claw Back Losses With Fed Rate Path in Play: Markets Wrap

September 08, 2024 at 6:41PM EDT -- Stocks staged a partial recovery Monday after a selloff triggered by cooling US jobs data that left economists and traders at odds as to how aggressively the Federal Reserve will cut interest rates.

The choice facing Fed officials — whether to start easing gradually or to front-load rate cuts — is bound to be contentious. With recession fears also resurfacing, investors are scrutinizing economic data for clues on the likely rate path. Wednesday’s US consumer-inflation numbers are next on the radar.

“We are leaning towards a 50 basis point cut, front-loading in September,” Nannette Hechler-Fayd’herbe, chief investment officer for EMEA at Bank Lombard Odier, said in an interview with Bloomberg TV. “I don’t think they have much to lose to actually making a bigger cut in September with 50 basis points. It’s a great possibility for them to initiate an insurance against whatever softer data are coming.

Wall Street’s fear gauge — the Cboe Volatility Index — remains elevated after closing at its highest in a month on Friday.

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