What the Fed may want for the labor market ahead of 2024

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Federal Reserve officials are expected to hold interest rates steady ahead of their September FOMC meeting. But what might regulators be thinking about unemployment data before 2024? State Street Senior Global Macro Strategist Marvin Loh details how comfortable the Fed could be feeling at this stage in its tightening cycle and what the outlook for future rate decisions could be.

"The [Fed's] dot plot was signaling that we were going to have an aggressive second half at 2024 with regard to cuts," Loh says "It really needs to tie into what their economic projections are. So one of the glaring... concerns that the Fed has is that the employment market remains tighter than they expect."