La caminata en la cuerda floja de la Fed: una reducción en 2026 en medio de una urgencia por crecimiento primero

The labor market showed surprising resilience in September 2025, with unemployment holding steady at 4.4% despite sectoral shifts according to the BLS report. Healthcare, food services, and social assistance added jobs, partially offsetting losses in transportation and federal government. However, the picture isn't complete: October data is delayed due to a federal funding lapse, pushing November's figures to a December release.

This employment strength contrasts sharply with inflation trends. Core price pressures remain stubbornly above target, exceeding 2.5% in late 2025. While the Fed cut rates twice in September and October, policymakers acknowledge persistent risks, leaving the door open for further action only if economic stability holds.

The Cleveland Fed's daily inflation nowcasts provide real-time insights according to the Cleveland Fed. These models, combining high-frequency data with monthly reports, historically beat consensus forecasts. Their accuracy lends weight to the current concerns about inflation staying elevated despite cooling labor demand.

This tension between a resilient job market and stubborn price increases defines the Fed's cautious path forward. Investors watch carefully, knowing the next move hinges on whether inflation truly cools or holds firm.

Economic Tensions: Growth vs. Inflation Resolve

The labor market showed notable resilience in September 2025, with the unemployment rate holding steady at 4.4% despite mixed sectoral job gains and losses, including a significant healthcare sector increase offset by declines in transportation/warehousing and federal government positions. However, this stability coincided with a disruption in data collection for October due to a federal funding lapse, pushing the release of November's employment figures to mid-December. This delay means the most current picture of labor demand remains incomplete.

Meanwhile, inflationary pressures continued to weigh heavily on economic policymakers. While the Fed had reduced its target range to 3.75%-4.00% through late-2025 cuts, officials maintained a cautiously optimistic stance on further action, citing persistently elevated risks. Crucially, real-time tracking tools like the Cleveland Fed's daily CPI and core CPI nowcasts, which blend monthly data with high-frequency indicators such as oil and gasoline prices, consistently signaled that inflation remained stubbornly above 2.5% in late 2025. These models, validated against professional forecasts and historical accuracy, suggest the economy was not yet achieving the desired soft landing, with headline inflation staying elevated even after prior aggressive rate hikes had brought it down to 2.6% by March. The combination of a still-tight labor market and persistent inflation created ongoing tension, forcing the Federal Reserve to balance supporting growth against the need to fully restore price stability.

Market vs. Fed: Diverging Pace Expectations

Traders currently assign a 60% probability to at least one interest rate cut by mid-2026, according to the CME FedWatch tool. This market-implied optimism stands in contrast to Bloomberg economists' outlook for two rate cuts in 2026, starting with a reduction in December 2025. The divergence stems largely from mounting concerns about the labor market's health. Bloomberg surveys flag "rising labor market risks" as the primary driver for the economists' more aggressive rate-cut forecast, even as "subdued unemployment claims" offer some counterweight. While the market signals caution with its 60% probability, economists project a more decisive pivot. However, the Federal Reserve's actual stance remains notably more cautious. Policymakers face a delicate balancing act, potentially prioritizing employment support against lingering inflation concerns, with internal divisions expected ahead of the December 10 meeting. This tension between market positioning and official prudence underscores the uncertainty surrounding the timing and pace of monetary policy easing.

Growth-First Risk Framework: Where the Thesis Breaks

The Fed's cautious approach has created a fragile balancing act for growth-oriented investors. Two specific scenarios threaten to disrupt this equilibrium. First, a sharper-than-expected labor market deterioration could force aggressive easing. Recent softening data has pushed officials to reconsider their rate path, with internal divisions making consensus difficult. If unemployment rises substantially, the threshold for cuts would lower dramatically, potentially triggering multiple rate reductions in 2026. This would validate the growth thesis but could signal deeper economic fragility, undermining corporate confidence.

Conversely, persistent inflation complicates the easing timeline. New projections show upgraded inflation expectations, which would lock policy in restrictive territory longer than planned. Higher-than-expected price pressures would force rate cuts to wait until clear disinflation trends emerge-a delay that could strangle credit growth and equity valuations. Internal dissent among Fed officials would intensify under this scenario, with some advocating for rate hikes to combat inflation while others push for holding rates to support labor markets. Either outcome risks misaligning monetary policy with market expectations, creating volatility that could derail the current growth trajectory.