Fresh economic data was released Thursday morning, including GDP figures and jobless claims. The GDP data revealed a 3% annualized growth rate, while jobless claims fell to their lowest level in four months. Deutsche Bank Private Bank Americas chief investment officer Deepak Puri joins Catalysts to discuss what this data means for future Federal Reserve rate cuts.

Puri describes this data as "a welcome relief," noting it was needed after weak September consumer confidence data rattled markets earlier this week. He points out that the labor market appears to be in better condition than investors believed, although he adds, "there's some softening," but overall, "so far so good."

With Personal Consumption Expenditures (PCE) — the Fed's preferred inflation gauge — set for release tomorrow, Puri predicts, "I think you're going to see a number of around 2.7% year over year." He continues, "With the kind of labor market data, with the core PCE where it's at, and the consumer confidence data that we saw earlier, I really don't feel that there's enough for the Fed to go to another 50 basis point rate cut." Instead, Puri believes that two 25 basis point cuts could materialize from the Fed in the remainder of the year.

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This post was written by Angel Smith