JPMorgan: The Fed can safely cut interest rates in October, even without US Non-farm Payrolls (NFP) data.

According to Mars Finance, citing Jin10, the U.S. Bureau of Labor Statistics is expected not to release the non-farm payroll report on Friday due to the government shutdown. However, several recent private sector indicators show weak hiring, limited layoffs, moderate wage rise, and a slight easing in labor demand for September. Michael Feroli, Chief U.S. Economist at JPMorgan, stated that even without the non-farm payroll report, the Fed can have a general understanding of the labor market conditions and believes that the Fed can confidently proceed with interest rate cuts later this month.