Strategist: Last year's rate cut was a mistake; the latest non-farm payrolls data complicates the Fed's situation.

Sonu Varghese, chief macro strategist at Carson Group, said the latest labor force data suggests that the economy is adding enough jobs to keep pace with population growth. However, he noted, "This will complicate matters for the Federal Reserve, making a rate cut pointless, especially given the scale of the impending inflationary shock." He added that inflation was already present before the Middle East crisis that caused energy prices to soar, "ultimately, last year's rate cuts appear to have been a mistake." (Jinshi)