Institution: Non-farm data supports the Fed's wait-and-see stance, but caution is needed regarding trade negotiation uncertainty.

LPL Financial's Chief Economist Jeffrey Roach said that the latest non-farm payroll data shows that if businesses continue their hiring trend from earlier this year, the Federal Reserve is likely to maintain a "wait-and-see" stance at its upcoming policy meeting. Despite the uncertainty surrounding tariffs and trade policies, there has not yet been a large-scale wave of layoffs by businesses. However, it is important to be cautious as the US government is still in detailed negotiations with several major trading partners, and the ultimate impact on businesses remains difficult to estimate.