BlackRock: Non-farm Payrolls Suggest Fed Should Stay the Course, Macro Narrative Now Dominated by AI Theme

Odaily Odaily reports that Jeffrey Rosenberg, portfolio manager at BlackRock, stated there is a "trade-off" between strong non-farm payroll data and weak hourly wage growth. From a broader perspective, this report essentially signals no major changes, meaning the Fed should "maintain the status quo."

On a more macro level, current economic data has been "dominated by the AI narrative." "When we look at GDP figures and spending data, the driving force is no longer primarily consumption but more on capital expenditure. And when we look at financial markets, what truly matters is increasingly the impact of AI." (Jin Shi)