Morgan Stanley has changed its forecast regarding a potential Federal Reserve interest rate cut next month. In a note dated Aug. 26, Morgan Stanley Chief Economist Michael Gapen joined a growing trend of global brokerages changing forecasts. This is due to Fed Chair Jerome Powell's recent shift in tone toward rising labor market risks.

Today, I look at the precarious job market.

He has often mused about firing Fed Chair Jerome Powell in a bid to assume greater control of U.S. economic policy.