Bank of America: August Non-Farm Payrolls Are Just a Warm-up, CPI Remains Key for September Fed Decision

Bank of America stated that the upcoming August non-farm payroll report is merely a preliminary indicator, with the subsequent CPI inflation data serving as the true deciding factor for the Federal Reserve's September policy decision. The bank projects 40,000 new jobs for August, below market consensus, while maintaining a 4.1% unemployment rate. Analysis of Fed Governor Christopher Waller's recent remarks suggests that inflation remains the primary policy anchor over labor market concerns. Consequently, the bank advises a long position on 5-year U.S. Treas