Andre Chelhot

Andre Chelhot

Policy is in the Dark

No data no guidance

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Andre Chelhot
Oct 03, 2025
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This month, the BLS is unable to release the official employment report. That means the Fed will head into its end-of-month meeting without its single most important anchor for policy: the payroll numbers.

Chart 1 is empty. And that’s the problem. When the main dataset vanishes, we don’t just lose a release; we lose the foundation on which monetary polic…

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