U.S. economic data keeps coming back stronger than expected, and frankly it’s raining on the parade for markets.
For the majority of 2025, investors have been hankering after multiple base interest rate cuts from Jerome Powell and the Federal Open Market Committee (FOMC), knowing it would kickstart cheaper borrowing and foster economic activity. The general consensus was that once the Fed was confident enough to start cutting, it would spell a change in the weather: A move toward the greatly-anticipated “normalization” of the funds rate.
So when the FOMC cut in September this apparent fact was not only baked in by markets, but so too were the cuts expected to come for the rest of the year.
Unfortunately, the economy is faring far better than many estimated—meaning the Fed may not be forced into further action as quickly as anticipated.
Markets continued to struggle yesterday—the third day in a row—with Deutsche Bank’s Jim Reid noting: “The main catalyst was a strong batch of U.S. data, which meant investors dialled back their expectations for rapid Fed rate cuts, and pushed front-end Treasury yields higher. So that meant rate-sensitive sectors like tech took a hit, with the Magnificent 7 dragging down the broader equity market.”
That sums up the counterintuitive position traders are in at the moment: When healthy economic data actually works against the sentiment of analysts and investors. The data this week should have reassured them: Weekly jobless claims fell to 218,000 for the week ended September 20, GDP increased at an annual rate of 3.8% for Q2 2025, according to a third estimate from the Bureau of Economic Analysis.
With the labor market softening (the economy added less than 30,000 jobs according to most recent data), analysts had hoped this would push the Fed to continue cutting. But with inflation—the pesky other side of the Fed’s mandate—remaining elevated at near 3% (ahead of its target at 2%) that gives the Fed just enough reason to remain cautious.
Kevin Khang, Vanguard’s senior international economist, wrote in a note seen by Fortune this week: “It’s no surprise that every hint of a dovish Fed pivot is met with enthusiasm. But two realities about the yield curve—and the broader rate environment—are worth keeping in mind.”
“First, the short end of the curve will continue to be shaped by the Fed’s dual mandate of ensuring both price stability and maximum sustainable employment. Although inflation has come down meaningfully from its peak, it remains sticky. This is partly due to supply-side forces, including tariffs and an immigration slowdown.”
“At the same time, the labor market, though showing signs of softening, remains in balance by historical standards. These dynamics suggest that the Fed’s path to sustained rate cuts is narrow. With inflation poised to remain above its 2% target for a fifth consecutive year, the Fed is unlikely to ease the policy rate substantially—unless inflation somehow makes a more decisive move toward target sooner.”
The longer view
Undeterred by data suggesting the contrary, investors have continued to bank on a further cut coming in October. According to CME’s FedWatch barometer, investors are still banking on a 87.7% chance of a further 25bps cut in the October meeting.
Indeed, members of the FOMC have been signaling that while further cuts could be to come, anything beyond a meeting-to-meeting approach would be an error. As Mary Daly, president of the San Francisco Fed said in a speech Wednesday: “Moving forward, it is likely that further policy adjustments will be needed as we work to restore price stability while providing needed support to the labor market … But these are projections, not promises, and making good decisions will require us to anchor on our objectives, assess the tradeoffs, and decide, again and again.”
This steady approached was echoed by Chairman Jay Powell, who was given the nickname “Too Late” by the Oval Office, courtesy of his cautious approach to easing. But speaking in Rhode Island this week, Powell stuck by his measured approach: “Our policy is not on a preset course. We will continue to determine the appropriate stance based on the incoming data, the evolving outlook, and the balance of risks. We remain committed to supporting maximum employment and bringing inflation sustainably to our 2 percent goal.”
“Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country.”
Here’s snapshot of the markets ahead of the opening bell in New York this morning:
S&P 500 futures were flat this morning. The index closed down 0.5% in its last session.
STOXX Europe 600 was up 0.31% in early trading.
The U.K.’s FTSE 100 up 0.37% in early trading.
Japan’s Nikkei 225 was down 0.87%.
China’s CSI 300 was up 0.6%.
The South Korea KOSPI was down 2.45%.
India’s Nifty 50 was down 0.91% before the end of the session.
Bitcoin declined to $109.7K.
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Nvidia CEO Jensen Huang doesn’t foresee a sudden spike of AI-related layoffs, but that doesn’t mean the technology won’t drastically change the job market—or even create new roles like robot tailors.
The jobs that will be the most resistant to AI’s creeping effect will be those that consist of more than just routine tasks, Huang said during an interview with podcast host Joe Rogan this week.
“If your job is just to chop vegetables, Cuisinart’s gonna replace you,” Huang said.
On the other hand, some jobs, such as radiologists, may be safe because their role isn’t just about taking scans, but rather interpreting those images to diagnose people.
“The image studying is simply a task in service of diagnosing the disease,” he said.
Huang allowed that some jobs will indeed go away, although he stopped short of using the drastic language from others like Geoffrey Hinton a.k.a. “the Godfather of AI” and Anthropic CEO Dario Amodei, both of whom have previously predicted massive unemployment thanks to the improvement of AI tools.
Yet, the potential, AI-dominated job market Huang imagines may also add some new jobs, he theorized. This includes the possibility that there will be a newfound demand for technicians to help build and maintain future AI assistants, Huang said, but also other industries that are harder to imagine.
“You’re gonna have robot apparel, so a whole industry of—isn’t that right? Because I want my robot to look different than your robot,” Huang said. “So you’re gonna have a whole apparel industry for robots.”
The idea of AI-powered robots dominating jobs once held by humans may sound like science fiction, and yet some of the world’s most important tech companies are already trying to make it a reality.
Tesla CEO Elon Musk has made the company’s Optimus robot a central tenet of its future business strategy. Just last month, Musk predicted money will no longer exist in the future and work will be optional within the next 10 to 20 years thanks to a fully fledged robotic workforce.
AI is also advancing so rapidly that it already has the potential to replace millions of jobs. AI can adequately complete work equating to about 12% of U.S. jobs, according to a Massachusetts Institute of Technology (MIT) report from last month. This represents about 151 million workers representing more than $1 trillion in pay, which is on the hook thanks to potential AI disruption, according to the study.
Even Huang’s potentially new job of AI robot clothesmaker may not last. When asked by Rogan whether robots could eventually make apparel for other robots, Huang replied: “Eventually. And then there’ll be something else.”
After two decades of climbing the corporate ladder at companies ranging from ABC, ESPN, and Charter Communications (commonly known as Spectrum), Timm Chiusano quit it all to become a content creator.
He wasn’t just walking away from high titles, but a high salary, too. In his peak years, Chiusano made $600,000 to $800,000 annually. But in June of 2024, after giving a 12-week notice, he “responsibility fired himself” from his corporate job as VP of production and creative services at Charter.
He did it all to help others navigate the challenges of a workplace, and appreciate the most mundane parts of life on TikTok.
most people are posting their 2024 recaps; these are a few of my favorite moments from the year that was, but i need to start reintroducing myself too i dont have a college degree, no one in my life knew that until i was 35 when i eventually got my foot in the door in my early 20’s after a few years of substitute teaching and part time jobs, i thought for sure i had found the career path of my dreams in live sports production i didn’t think i had a chance of surviving that first college football season but i busted my ass, stuck around and got promoted 5 times in 5 years then i met a girl in Las Vegas, got married in 7 months, and freaked out about my career that had me travelling 36 weeks a year i had to find a more stable “desk job”, i was scared shitless that i was pigeonholed and the travel would eventually destroy my marriage i crafted a narative for espn arguing they needed me on their marketing team because of my unique perspective coming from the production side i got rejected, but kept trying and a year i got that job the 7 years with espn were incredible, but also exhausting and raised all kinds of questions about corporate america, toxic situations, and capitalism in general why was i borderline heart attack stressed so often when i could see that my ideas were literally generating 2,000 times the money that i was getting paid? in 2012 i had a kid and in 2013 i got the biggest job of my career to reinvent how to produce 20,000 commercials a year for small business it took 12 rounds of interviews, a drug test i somehow passed, and a background check that finally made me tell my wife of 8 years that i didnt have a college degree they brought me in the thursday before my first day and told me what i told grace in that clip the next decade was an insane blur; i saw everything one would ever see in their career from the perspective of an executive at a fortune 100 i started making tiktoks, kinda blacked out at some point in 2019 and responsibly fired myself in 2024 to see what i might be capable of on my own with all the skills i picked up along my career journey now the mission is pay what i know forward, and see if i can become the mr rogers of corporate america cc: @grace beverley @Ryan Holiday @Subway Oracle
What started as short-video vlogs on just about anything in 2020 (reviews on protein bars, sushi, and sneakers) later transitioned to videos on growing up, and dealing with life’s challenges, like coming to terms when you have a toxic boss. Today, his platform on TikTok has over 1 million followers.
With the help of going viral from his “loop” format where videos end and seamlessly circle back to the beginning, he began making more videos as a side-hustle on top of his day-to-day tasks in the office.
“How can I get people to be smarter and more comfortable about their careers in ways that are gonna help on a day-to-day basis?” Chiusano told Fortune.
Today, he could go by many titles: former vice president at a Fortune 100 company, motivational speaker, dad, content creator, or as he labels himself, the Mister Rogers of Corporate America.
Just as the late public television icon helped kids navigate the complexities of childhood, Chiusano wants to help young adults think about how to approach their careers and their potential to make an impact.
“Mister Rogers is the greatest of all time in his space. I will never get to that level of impact. But it’s an easy way to describe what I’m trying to do, and it consistently gives me a goal to strive for,” he said. “There are some parallels here with the quirkiness.”
Firing himself after 25 years in the corporate world
Even with years in corporate, Chiusano doesn’t resemble the look of a typical buttoned-up executive. Today, he has more of a relaxed Brooklyn dad attire, with a sleeve of tattoos and a confidence to blend in with any trendy middle aged man in Soho. During our interview, he showed off one of the first tattoos he got: two businessmen shaking hands, a reference to Radiohead’s OK Computer album.
“This is a dope ass Monday in your 40s,” began one of his videos.
It consisted of Chiusano doing everyday things such as eating leftovers, going to the gym, training for the NYC marathon, taking out the trash, dropping his daughter off at school, a rehearsal for a Ted Talk, eating lunch with his wife, and brand deal meetings. Though the content sounds pretty normal, that’s the point.
“The reason why I fired myself in the first place was to be here,” he says in the video while picking his daughter up from school.
Today, Chiusano spends his days making content on navigating workplace culture, public speaking, brand deals, brand partnerships, executive coaching, writing a book, and the most important job: being a dad to his 13-year-old daughter Evelyn.
“I’m basically flat [in salary] to where I was, and this is everything I could ever want in the world,” he said. “The ability to send my kid to the school she’s been going to, eat sushi takeout almost as much as I’d like, and do nice things for my wife.”
In fact, when sitting inside one of his favorite New York City spots, Lure Fishbar, he keeps getting stopped by regulars who know him by name. He points out that one of his favorite interviews he filmed here was with legendary filmmaker Ken Burns.
Advice to Gen Z
In a time where Gen Z has been steering to more unconventional paths, like content creation or skill trades rather than just a 9-to-5 office job, Chiusano opens up a lens to what life looks like when deciding to be present rather than always looking for what’s next—a mistake he said he made in his 20s.
Instead, he wants to teach the younger generation to build skills for as long as you can, but “if you are unhappy, that’s a very different conversation.”
“I think some people will make themselves more unhappy because they feel like that’s what’s expected of a situation,” he said.
“I would love to be able to empower your generation more, to be like somebody’s gonna have to be the head of HR at that super random company to put cool standards and practices in place for better work-life balance for the employees.”
For Mark Zuckerberg, the most significant creation from his two years at Harvard University wasn’t the precursor to a global social network, but a prank website that nearly got him expelled.
The Meta CEO said in a 2017 commencement address at his alma mater that the controversial site, Facemash, was “the most important thing I built in my time here” for one simple reason: it led him to his wife, Priscilla Chan.
“Without Facemash I wouldn’t have met Priscilla, and she’s the most important person in my life,” Zuckerberg said during the speech.
In 2003, Zuckerberg, then a sophomore, created Facemash by hacking into Harvard’s online student directories and using the photos to create a site where users could rank students’ attractiveness. The site went viral, but it was quickly shut down by the university. Zuckerberg was called before Harvard’s Administrative Board, facing accusations of breaching security, violating copyrights, and infringing on individual privacy.
“Everyone thought I was going to get kicked out,” Zuckerberg recalled in his speech. “My parents came to help me pack. My friends threw me a going-away party.”
It was at this party, thrown by friends who believed his expulsion was imminent, where he met Chan, another Harvard undergraduate. “We met in line for the bathroom in the Pfoho Belltower, and in what must be one of the all time romantic lines, I said: ‘I’m going to get kicked out in three days, so we need to go on a date quickly,’” Zuckerberg said.
Chan, who described her now-husband to The New Yorker as “this nerdy guy who was just a little bit out there,” went on the date with him. Zuckerberg did not get expelled from Harvard after all, but he did famously drop out the following year to focus on building Facebook.
While the 2010 film The Social Network portrayed Facemash as a critical stepping stone to the creation of Facebook, Zuckerberg himself has downplayed its technical or conceptual importance.
“And, you know, that movie made it seem like Facemash was so important to creating Facebook. It wasn’t,” he said during his commencement speech. But he did confirm that the series of events it set in motion—the administrative hearing, the “going-away” party, the line for the bathroom—ultimately connected him with the mother of his three children.
Chan, for her part, went on to graduate from Harvard in 2007, taught science, and then attended medical school at the University of California, San Francisco, becoming a pediatrician.
She and Zuckerberg got married in 2012, and in 2015, they co-founded the Chan Zuckerberg Initiative, a philanthropic organization focused on leveraging technology to address major world challenges in health, education, and science. Chan serves as co-CEO of the initiative, which has pledged to give away 99% of the couple’s shares in Meta Platforms to fund its work.
You can watch the entirety of Zuckerberg’s Harvard commencement speech below:
For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.
Politics8 years ago