Macro Briefing: 8 July 2024

* Hurricane Beryl strengthens, makes landfall along Texas coast
* Hefty debts, and hard chocies, await new leaders in Europe
* Big banks taking hits from falling commercial property prices
* US payrolls beat expectations for June, but revisions reflect slower growth
* Consumer demand is weakening, based on ISM survey data for June:

New analysis from Citi Research predicts a string of rate cuts by the Federal Reserve in the months ahead. “A continued softening of activity will provoke cuts at each of the subsequent seven Fed meetings, in our base case,” the firm advises. Separately, Fed funds futures are pricing moderate to high odds for rate cuts starting with the Sep. 18 FOMC meeting.

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