Overview

• The Bureau of Labor Statistics’ preliminary benchmark cut estimated payrolls by 911,000 for the year through March 2025, the largest such adjustment in more than two decades.
• JPMorgan’s Jamie Dimon said the economy is weakening and that a likely rate cut may not be consequential, while stopping short of calling a recession.
• Goldman Sachs CEO David Solomon cited softening labor signals and trade-policy uncertainty, defending Fed independence and arguing against rapid rate cuts.
• The IMF reported moderating U.S. demand and slowing job growth and warned tariffs pose inflation risks even as it sees room for cautious easing.
• Bank leaders highlight strong fee and trading businesses and uneven consumers, with lower‑income households under more pressure, and JPMorgan plans a digital bank launch in Germany in 2026.