Here's your summary from See Fed Cut in September, Not July, Says Citi's Clark (https://www.youtube.com/watch?v=S9t-BbVhuOc) on the Bloomberg Television channel:

### TLDR:

The Fed is expected to cut rates in September, not July, due to concerns about the labor market and potential recession.

### Key Points:

1. Powell may not rule out a cut in July, but the first cut is expected in September.

2. Concerns about the labor market and potential recession are driving the Fed's decision to cut rates.

3. Fiscal policy has been a significant driver of economic activity, but is expected to peak this year.

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