The April jobs report came in weaker-than-expected, with the US economy adding only 175,000 jobs during the month. Joining Market Domination to dissect the implications of this data is Yardeni Research President Ed Yardeni, who deemed the report "a decent report."

Alongside the employment figures, Yardeni highlights the ISM Services PMI as a notable data point that "caught the market's attention." He says that the overall report has effectively taken the possibility of a rate hike in 2024 "out the window," as markets now anticipate the potential for a rate cut to materialize once again between "now and the end of the year."

Yardeni remains optimistic about the Federal Reserve's ability to achieve its 2% inflation target by the end of 2024, stating, "I think Powell has been dead on right," about inflation.

As far as broader inflation is concerned, Yardeni tells Yahoo Finance: "The overall inflation rate remains on a moderating trend when you look at it year over year."

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This post was written by Angel Smith