Data say rate hikes done, JPMorgan claims after jobs report

JPMorgan’s Chief U.S. Economist Michael Feroli says the October jobs report is “just what the doctor ordered.” The jobs report “seemed tailor-made to match Powell’s soft landing message from earlier this week,” the economist tells investors in a research note. However, JPMorgan says there were a few data points that hint at a harder landing to come, namely the diffusion index indicated that only 52.0% of private industries increased employment last month, a level usually associated with recessions. “The economic data are going to call the shots, and the data say we’re done with rate hikes,” writes the firm.