Bank of America: Non-Farm Data Won't Determine September Rate Hike, CPI is Key

Bank of America believes that the impact of the August non-farm payroll report and the August CPI data will differ during the Federal Reserve's meeting on September 15-16. The bank pointed out that the non-farm payroll report is more like an "appetizer," while the CPI is the "main course" that will determine whether the Fed will raise interest rates. Analysts stated that non-farm data is unlikely to be the decisive factor for a rate hike in September; although a significantly weak report could lower the probability of a hike, the CPI remains the key data. Unless there is a significant downside surprise in the non-farm data released on Friday, the employment report is unlikely to be the final deciding factor in the debates of the September FOMC meeting. Bank of America emphasized that inflation remains the primary concern for the Fed at this time.

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