Experts react to the December jobs report

Summary

The panel reacts to a December jobs report that showed a cooling but still healthy labor market and little market reaction, with the Fed seen as unlikely to shift near term. Saira Malik remains constructive on risk assets, targeting 7,500 on the S&P 500 and favoring technology and financials, while Natasha Sarin and Peter Earle flag tariff uncertainty, weak hiring, and fiscal/monetary stimulus. Housing-finance policy and the Supreme Court tariff case are also discussed as macro risks.

• Panelists reacted to a December jobs report that showed cooling but still healthy labor market conditions.
• Saira Malik said the report likely would not shift the Fed and still expects two rate cuts later this year.
• Natasha Sarin described a low-hire, low-fire labor market with elevated uncertainty.
• The Supreme Court tariff case and possible administration Plan B were discussed as macro risks.
• Housing-finance policy, including $200 billion in MBS purchases, drew skepticism about lowering mortgage rates.
• Saira Malik set a 7,500 S&P 500 target and favored technology and financials leadership.
• Peter Earle cited fiscal, Biden-era spending, and Fed balance-sheet stimulus as supports.