Federal Reserve Chair Jerome Powell has Wall Street abuzz, stating that "the time has come" for the Fed to start cutting rates. Some believe that now it will be up to the jobs data more than other economic data, that will determine how big those cuts will be.

Serpa Pinto Advisory Founder Jon Hilsenrath joins Asking For A Trend to discuss Chair Powell's comments and what they mean for the broader market.

Hilsenrath argues that Powell was sending the message that he "does not seek or welcome further labor market cooling" and is prepared to act more aggressively if the jobs data continues to deteriorate.

On the importance of data moving forward, Hilsenrath comments: "Over the last 2 or 3 years, a lot of the volatility in markets has happened on inflation days when CPI reports have come out or when PCE, personal consumption expenditure, reports have come out, because those reports have really dictated how the Fed was going to respond and what it was going to do with interest rates. What we're seeing now and the marker that Powell put in the ground was that they're now looking really carefully at jobs. So I think we're going to see more volatility on jobs days over the next few months than on CPI days."

Watch Federal Reserve Chair Jerome Powell's full speech here.

For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Nicholas Jacobino