# Marc Chandler – US Jobs Report, Q2 GDP Estimates, FED Policy, North American MCA Trade Agreement, Interest Rates, Currencies, and Supply Shocks

Page: https://stenobird.com/podcast/the-ke-report-5642261/marc-chandler-us-jobs-report-q2-gdp-estimates-fed-policy-north-american-mca-trade-agreement-interest-rates-currencies-and-supply-shocks
Text version: https://stenobird.com/podcast/the-ke-report-5642261/marc-chandler-us-jobs-report-q2-gdp-estimates-fed-policy-north-american-mca-trade-agreement-interest-rates-currencies-and-supply-shocks.md
Podcast: [The KE Report](https://stenobird.com/podcast/the-ke-report-5642261)
Published: 2026-07-03T20:10:01+00:00
Episode link: https://kereport.podbean.com/e/marc-chandler-%e2%80%93-us-jobs-report-q2-gdp-estimates-fed-policy-north-american-mca-trade-agreement-interest-rates-currencies-and-supply-shocks/
Audio file: https://mcdn.podbean.com/mf/web/5bwkz9966i7egky6/2026-07-03_-_Marc_Chandler8jyc5.mp3
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Duration seconds: 1501

## Resource

In this edition of The KE Report, I sat down with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website, to unpack another full week of macroeconomic data. We focused on the US jobs report, GDP estimates for Q2, the mid-week European central bank meeting where Kevin Warsh spoke, the shift to an annual review of the Mexico/Canada/America (“MCA”) trade agreement, further geopolitics effects of tariffs and the Strait of Hormuz supply shock, and how all of that factors into interest rates, currencies, and international markets. Key Discussion Points: Jobs Report Metrics Come In Weaker Than Expected: The Bureau of Labor Statistics announced that the US added just 57,000 jobs in June, a slowdown from previous months and below the 113,000 economists expected. The unemployment rate, however, ticked down to 4.2%, below the expected 4.3%. Marc gets under-the-hood and looks at the nuances of the regular revisions to the jobs data, the nature of the data collection and inherent challenges with getting it all in a timely basis, and how the low participation rate effected the unemployment rate. The Atlanta-based GDP Now Forecasts ~1.2% GDP Growth in Q2: While this number is also subject to revision when the official number comes out, and is contrast to Bloomberg’s 2.2% GDP growth estimate, it highlights a reduction in growth in Q2 versus Q1. When contrasting the 1.2% GDP growth estimate versus the May inflation reading at 4.2% area, some economists point to negative growth in “real” inflation-adjusted terms and point to this being stagflation. Marc weighs in on the conversation and is less convinced of the economy being in that kind of dire stagflationary pressure, and lays out the case for steady growth and how different segm…

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