Bond yields surge higher as investors try to make heads-or-tails of the Fed's interest rate outlook after the release of the July FOMC meeting minutes. Will the Fed's inflation target demand higher-for-longer rates or could growth trends paint a different picture? John Hancock Investment Management Co-Chief Investment Strategist Matthew Miskin joins Yahoo Finance's Rachelle Akuffo to talk about the delay in realizing interest rate hikes' effects on the economy ahead of the Jackson Hole Economic Symposium. During COVID, "we flooded the economy with stimulus, and now the Fed has to slow down the economy, normalize it," Miskin states. "It's almost like sleeping pills: you take these pills, you don't know how long it's going to take for it to be felt in the body, in the economy. It's taking time." Laying out global growth concerns, Miskin outlines the core economic drivers being seen in the U.S. labor market. "The Inflation Reduction Act had a pretty big side effect, it created more CapEx in the U.S. and specifically in the Midwest and Southeast," Miskin says, adding: "The women in the country are really stepping up to the plate in terms of the labor market, and that's filling that massive labor gap that we had. That's likely one of the biggest secret weapons the country has."
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