Payrolls reinforce rate rise, but Trump wants a cut

Monday 7th September 2026

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Non-farm payrolls numbers in the US on Friday were strong, including an upward revision to the previous two months. NAB’s Ray Attrill says it is difficult to argue against the idea the labour market there is in particularly good health. That removes one reason for the Fed not to lift rates next week, so everything now rests on the CPI and PPI data this week. The US president meanwhile argues that the Fed should be taking rates to the lowest in the world, whilst threatening to stop trade with any country they have a trade deficit with. Oil moved higher on Friday and could easily top $100 this week as tensions heighten in the Gulf, despite Presidential claims that oil traffic is close to pre-war levels.

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