Yardeni: Rotating market betting on pivoting Powell

Federal Reserve Chair Jerome Powell is expected to acknowledge the stronger-than-expected economy and robust labor market, note that inflation is nearing the 2.0% target, and hint at a potential rate cut in September if upcoming CPI reports show further progress towards the inflation goal during his FOMC speech on Wednesday.

Yardeni points out that employment indicators released Tuesday suggest the labor market is stable, though some economists view it as weakening. The"jobs plentiful" series aligns closely with the JOLTS data on job openings and quits, both updated through June, Yardeni said.

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