CNBC Daily Open explores conflicting signals regarding the US economy. While stock markets hit new highs after the Fed rate cut, consumer sentiment reveals concerns about jobs and inflation. JPMorgan CEO Jamie Dimon expresses cautious optimism, highlighting geopolitical risks as a potential drag on economic growth.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribein September, down from 105.6 in August. September's figure comes in lower than the Dow Jones consensus forecast of 104 and is the biggest month-on-month drop in three years. Respondents saying jobs were"hard to get" rose to 18.3% from 16.8%.
JPMorgan CEO Jamie Dimon, in an interview with CNBCTV-18, also expressed doubts on the state of the economy."Markets are pricing things like they're going to be great. Put me on the cautious side of that one," he said. While inflation appears to be mostly tamed, at least by the measure of most Fed officials, Dimon thinks the economy might be dragged down because"geopolitics is getting worse … there is chance for accidents in energy supply."Perhaps some downbeat data and stern reminders about potential risks consoled investors that the recent highs of stock indexes were not driven by irrational exuberance. It's hard to prove this, of course.
But the fact that stocks continue rising even amid uneven economic data suggests the upward trajectory in markets is level-headed, for now. As Evercore ISI senior managing director Julian Emanuel pointed out,"We would be more concerned if we started hearing everything's great everything's roses."
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