After the release of Friday's non-farm payroll data, the well-known financial journalist Nick Timiraos, who is referred to as the "new Fed mouthpiece," stated that the U.S. September non-farm employment report might close the door on a 50 basis point rate cut by the Federal Open Market Committee (FOMC) of the Federal Reserve in November.

Immediately following the release of the non-farm data, Timiraos tweeted several times. He stated that this was a very strong employment report: non-farm employment increased by 254,000 people in September, the unemployment rate dropped to 4.1%, and the combined revisions for July and August were 72,000 people.

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Using a three-month average calculation, the employment growth for August was revised up from 116,000 to 140,000 people, and the employment growth for September was 186,000 people.

In September, average hourly earnings increased by 4% over 12 months, but Timiraos also pointed out that average weekly earnings fell by 3.4%.

The total weekly wage index for private sector employees, which combines hiring, wages, and hours worked, rose by 4.8% over the past 12 months. This is lower than last year's increase and is close to the level during the pre-pandemic economic expansion period.

Timiraos then published a brief commentary stating that the September non-farm employment report might close the possibility of another half percentage point rate cut at the next Fed meeting, while maintaining the pace of officials cutting rates by a quarter percentage point as planned.

Timiraos pointed out that the Fed began cutting rates last month, starting with an unconventional half percentage point cut, mainly because the mild inflation data and signs of cooling in the labor market this summer led officials to believe that they might be lagging in rate cuts. However, Friday's report showed that hiring in July and August was not as weak as reported last month, which was based on data before the Fed's rate cut, and the employment situation in September was even stronger.

Timiraos quoted Fed Chairman Powell from this Monday, saying that officials are not in a hurry to cut rates, and the strong September non-farm employment data will further reinforce this view.

Timiraos said that Fed officials describe the recent rate cuts as a "re-calibration" of interest rates, in order to adjust rates to a level that does not overly restrict the economy, and the action of cutting rates by another quarter percentage point in November will still be in line with this strategy.