I think the Fed should stay put on rates in September.  Some of the gloom may be attributable to the realization that we have 2.5 months left before the election, i.e., UNCERTAINTY.

Once the election is over, and power is peacefully transferred, I think there will be a psychological relief bounce over some sort of CERTAINTY. 

Rental demand is still strong in my area.  If Tenants move out, Landlords are indifferent and just jack up the rates about 20%.  I’m not hearing about move-outs losing their jobs.  They’re actually just buying houses or moving in with family.

And the BLS data says the economy added 2.9 million jobs over the last year through March 2024 (about 240,000 per month). A large revision of a million would still be around 160,000 jobs per month on average – not too shabby. 

I still remember when we were losing about 250,000 jobs per month on average.  That was actually bad, so keep the powder dry.